Internos Global Investors, the pan-European owner-managed real estate fund management firm with €3.5bn AUM, confirms the closing of the acquisition of the Vincci Selección Hotel Posada del Patio in Malaga for €26.75m from Dospuntos, a real estate company controlled by Värde Partners. This acquisition follows the first closing of Internos’ second hotel real estate fund with equity of €133m from seven German institutional investors. All but one of these investors had already invested in Internos’ first hotel real estate fund, a core fund launched in 2012 which has consistently exceeded target returns and became fully invested in 2016 with its AUM recently reaching €500m.
The 5* Vincci Hotel is situated in the Old Town in walking distance of Malaga’s main attractiions and the major shopping street “Calle Larios” . The property has 106 rooms, two restaurants, a bar, 5 meeting rooms, a spa and a rooftop terrace with a swimming pool overlooking the Old Town. The hotel is operated under a long-term lease with Vincci Hoteles under its upscale Vincci Selección brand. Vincci Hoteles is a leading Spanish hotel group with a clear focus on four and five star business hotels with their two main brands, Vincci and Vincci Selección.The group currently operates 39 hotels in 3 countries (Spain, Portugal and Tunisia) representing about 5,700 rooms.
This represents the first acquisition for Internos’ Hotel Fund II, which pursues a value-add strategy focused on the acquisition of 3-5* city centre business hotels across Europe that offer the opportunity to add value. Following its first closing, Internos expects that similar to its first Hotel Fund I, the committed equity for this second hotel fund will increase significantly allowing further investments so that the new hotel fund’s AUM should also reach €500m by late 2019/ 2020.