CBRE Hotels has exclusively advised the German vendors, a joint venture of institutional and private investors, on the sale of the Hyatt Regency Düsseldorf hotel, to Primotel Europe, a European hotel fund, and Algonguin. With a volume exceeding €100m, this is the biggest single asset transaction in Germany so far this year. The transaction is still subject to approval by the antitrust authorities. Following this transaction, Algonquin has more than €1.5bn of assets under management in France, Germany, UK, Poland, Belgium and Italy.
The luxury five-star hotel is located in the popular Media Harbour district of Düsseldorf overlooking the Rhine and the city centre. The hotel includes 303 rooms, a Spa and Sauna, two restaurants, a bar, a lounge and a large conference area.
Olivia Kaussen, Head of CBRE Hotels, Germany, said: “The Hyatt Regency Düsseldorf is without any doubt one of Germany’s most beautiful hotel assets. We are proud to have advised on its transaction.” Dominic Murray, Head of EMEA Brokerage, added: “This sale points out the strong fundamentals in the German hotel market and the continued interest in core real estate.”
The seller was supported by the legal advisor Hogan Lovells and the technical advisor VITZTHUM Projektmanagement.
