The Marriott Munich, which is located in one of the best hotel markets in Europe, is a 4-star business and conference facility comprising 348 guest rooms, 9 conference rooms, a Grand Ballroom and 3 restaurant bars. The hotel also benefits from the close proximity to corporate headquarters and an office park.
Malcolm Le May, President, JER Europe commented: "This acquisition will enable JER to apply its knowledge of the international hotel sector to a thriving market. The robust German economy and an increase in international tourism have led to a recovery in this previously stagnant sector. The market in Munich, which has a large business community as well as trade fairs and leisure opportunities, has experienced particularly strong growth. JER will use its extensive experience to reposition the hotel to achieve its full potential."
As part of its investment strategy, JER will be implementing an extensive refurbishment program to uplift the hotel over the next few years.
The vendor was advised by Jones Lang LaSalle Hotels
Source: Headland Consultancy