It makes sense to examine whether redesignating it as a hotel would be beneficial,» Geiler wrote in a confidential report to creditors. According to the report, selling the luxury property – valued at EUR 60 million – as a private residence is unlikely to be feasible without significant discounts. Former Luxury Hotel SiteThe property in the Innsbruck district of Igls previously housed a hotel with 18 rooms, several suites and a luxury apartment measuring around 200 square metres. Benko acquired the former Schlosshotel Igls for 11,1 million euro in May 2016 before demolishing it to build an extravagant private residence. An exclusive wellness hotel «would fit seamlessly into the neighbourhood,» the publication concluded.