Deka acquires four hotels in Venice Mestre from MTK

Main Photo: The Leonardo Royal Hotel Venice Mestra

Date: December 2019

Location: Mestre region, Venice, Italy

Name: Leonardo Royal Hotel Venice Mestra, Staycity Venice Mestre, 7 Days Premium Hotel Venice Mestre and Wombat’s City Hostel.

No. of Keys: 749

Seller: Austrian developer MTK, a major developer with projects in Vienna, Graz as well as Venice…from hotels to offices and residential. The company is headed up by Martin Kurschel, Tilmar Hansen and Delf Stuven

Buyer: German real estate fund Deka Immobilien has acquired a 749-room hotel portfolio in Venice’s Mestre region, on the Italian mainland opposite Venice, from Austrian developer MTK, for a reported price of approximately €200 million. The hotels opened in mid-2019 and include the 244-room Leonardo Royal Hotel Venice Mestre, the 175-room Staycity Venice Mestre, the 208-room 7 Days Premium Hotel Venice Mestre and the 122-room Wombat’s City Hostel Venice. Located adjacent to the Mestre railway station, all hotels were developed by the seller and are operated under 20-year lease contracts.

Founded in Frankfurt am Main in 1966, Deka Immobilien is one of Europe’s leading real estate asset managers, into offices, retail, mixed-use and hotels, with interests in 48 hotels, mainly in Europe with two in the USA – Hyatt Centric in Chicago and the New York Marriott East Side.

Price: €200m

Price per Key: €267,023

THPT Comment: A bit of a mixed-bag of properties, from hostels to budget hotel to four-star, but hey a hotel is a hotel, at freehold level!

First Seen: Hospitality Net

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