An Oman based investor’s group led by Al-Zaman Group of Companies has acquired a portfolio of four Intercity Hotels across Germany sold by Invesco Real Estate. The properties are located in Darmstadt, Mainz, Rostock and at Frankfurt Airport. The hotels operate on the basis of 30-year hybrid lease agreements. The purchase price has not been disclosed.
As the owner of the first Dutch IntercityHotel, located in Enschede, Netherlands, Zaman Group is well acquainted with the IntercityHotel brand. IntercityHotels is the 3-4 star select service brand of Deutsche Hospitality.
Zaman Group Chairman, Mohammed Zaman commented on the deal: “We have found a reliable and business-oriented hospitality partner with Deutsche Hospitality. This transaction contributes positively to the planned growth of our hospitality led investment portfolio”.
Elaborating on the specifics of the deal, Acting Head of European Real Estate, Tawfiq Al Muzaddid added: ‘’Al Zaman has been attracted by European hospitality real estate for quite some time. Our investment strategy focused on new or recently renovated hotel assets operated by established international operators in central locations offering stabilized incomes under long-lease income models. Hence, the acquisition of a further four IntercityHotels came as a strategic fit for our portfolio taking the total room count to nearly one thousand. We now remain committed to adding value to the portfolio through further development and acquisitions.’’
Hans-Peter Hermann, Senior Director – Asset Management Hotels at Invesco Real Estate comments: ”The successful sale of the IntercityHotel portfolio confirms the continued market demand for high-quality hotel assets in Germany. Following active management of the assets and having exceeded our Client’s objectives, the timing was optimal for us to sell these assets. We are delighted to be able to provide Zaman Group with four hotels in an excellent state of repair and successfully leased to a well-known hotel operator. We plan to further expand our footprint in the hotel sector on behalf of our existing investment mandates“.
The hotel development and consulting specialist Feuring acted as transaction and industry adviser to the Zaman Group. Feuring has also been selected as the future Asset Manager of the portfolio.
Kucera Rechtsanwälte Darmstadt and DLA Piper Amsterdam (buyer’s side) and DLA Piper Munich (seller’s side) successfully acted as legal advisers to Zaman Group and Invesco respectively. In addition, Invesco Real Estate was advised by JLL.