Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce that it has concluded the first acquisition for its second pan-European hotel fund with a sale and leaseback portfolio of five hotels in Munich, Hamburg, Frankfurt, Vienna and Salzburg for a total investment of ca. 170 million.
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The portfolio is long-let on 25-year hybrid leases to NH Hotels.
The portfolio is long-let on 25-year hybrid leases to NH Hotels, an established international hotel operator.
Marc Socker, Director - Hotel Fund Management at IRE who led the transaction comments: "We are delighted to have secured this diversified portfolio of well-located hotels as the initial investment for our second hotel fund. This is in part due to our good, direct relationship with NH Hotels. The locations of the portfolio represent some of Europe's best performing hotel markets, which are expected to benefit from strong growth, in our view."
The seed portfolio consists of five modern, and recently refurbished, mid-market hotels in strategic city center and airport locations. The Salzburg and Hamburg city center hotels benefit from being in highly visible and accessible central locations, well connected to the historic city center and CBD, respectively, and local trade fairs. The Vienna, Frankfurt and Munich airport hotels benefit from recent significant growth in international and domestic passenger volumes, while NH Vienna Airport is the only hotel located on Vienna's airport grounds.
IRE will hold further closings for its second pan-European hotel fund over the next 12 months and is currently analyzing potential future investments in Paris, Lyon, Barcelona, Berlin and Glasgow.
Source: Invesco
Marc Socker, Director - Hotel Fund Management at IRE who led the transaction comments: "We are delighted to have secured this diversified portfolio of well-located hotels as the initial investment for our second hotel fund. This is in part due to our good, direct relationship with NH Hotels. The locations of the portfolio represent some of Europe's best performing hotel markets, which are expected to benefit from strong growth, in our view."
The seed portfolio consists of five modern, and recently refurbished, mid-market hotels in strategic city center and airport locations. The Salzburg and Hamburg city center hotels benefit from being in highly visible and accessible central locations, well connected to the historic city center and CBD, respectively, and local trade fairs. The Vienna, Frankfurt and Munich airport hotels benefit from recent significant growth in international and domestic passenger volumes, while NH Vienna Airport is the only hotel located on Vienna's airport grounds.
IRE will hold further closings for its second pan-European hotel fund over the next 12 months and is currently analyzing potential future investments in Paris, Lyon, Barcelona, Berlin and Glasgow.
Source: Invesco
