Date: September 2017
Location: Munich, Germany – Haidhausen, City Centre
Name: Holiday Inn Munich City Centre, four star
No. of Keys: 582
Buyer: ATP, Denmark’s largest pension fund, and a Dutch institutional investor, represented by CBRE GIP, have acquired the Hotel in a joint venture.
Global investment manager Invesco Real Estate has sourced the transaction and will serve as the asset manager of the property going forward.
This follows on, earlier this year, from AXA Investment Managers – Real Assets, a 50/50 joint venture between ATP and AXA Insurance Companies, acquisition of two City of London hotels from Chelsfield Partners LLP for £180 million.
These two freehold assets, situated in the City of London at St Paul’s (EC4) and Gracechurch Street (EC3), with a total of 468 bedrooms and 7 retail/restaurant units between them, and a total area of 204,000 sq. ft.
Both hotels are operated by Club Quarters, a major US operator.
Price per Key: €322,165
THPT Comment: Good to see pension funds still have faith with branded, large, city-centre hotels in Europe.
First Seen: Global Newswire