Patrizia Immobilien has completed the disposal of two Holiday Inn hotel properties in Essen and Neu-Isenburg, Germany, on behalf of its special fund ‘Patrizia Hotel-Invest Deutschland I’. The 4-star Holiday Inn in Essen was built in 1996 and offers 168 rooms. The property in Neu-Isenburg, also 4-star rated, was built in 1994 and has 164 rooms. Both properties underwent renovation in 2013/2014. The purchase price was not disclosed.
Jan-Hendrik Jessen, Head of Fund Management Operated Properties at Patrizia, commented: “The sale of these assets is part of our portfolio optimisation strategy. The fund now manages €330m of hotel assets while, across Europe, Patrizia manages almost €1bn of assets in the hotel sector making us one of the leading providers in this asset class.”
