Iconic Walper Hotel sold for $4.6 million

The Walper Hotel, a downtown Kitchener landmark, has been sold to a group of owners including the Zehr Group, the Perimeter Development Corporation, David Strucke and CK Atlantis Ltd, a hotel management company for $4.6 million.

The investor group is "committed to continuing the successful rejuvenation of the hotel and in the near future will begin work on formulating a design vision to continue the repositioning of the hotel to be a vibrant and exciting destination in Waterloo Region," the Perimeter Development Corporation said in a release.

The sale by former owner Michael von Teichman was completed on Sunday.

Thetransaction comes comes just over a month after The Shops at Waterloo Town Square, another high-profile centrally located commercial property,was sold.