HIH Invest Real Estate GmbH (HIH Invest) just sold a hotel located at Bahnhofstrasse 2-4 in the town of Aschheim to an investment fund run by the French fund investment manager Atream. The property, which is close to the Munich exhibition grounds in the east end of the city, is let to AccorInvest Germany and is operated as an “ibis budget” hotel format. The total lettable area of 3,912m2 breaks down into 3,642m2 occupied by the hotel operation and 270m2 used for gastronomic purposes. Completed in 2007, the hotel features 150 rooms along with 33 surface parking and 51 underground parking spots. The rooms, hallways and the lobby of the hotel were remodelled in the time since 2019.
“The past few years have been rather challenging for the hospitality business. Especially exhibition hotels were struggling during the coronavirus pandemic because of a drastic drop in the number of overnight stays,” said Daniel Asmus, Team Head Transaction Management Office Germany at HIH Invest Real Estate. “Through continuous upgrades, we managed to reconfigure the hotel to meet the exact demand-side preferences of hotel guests and to restore it to a robust market position. This and the fact that the tenant is well-known seriously enhanced the appeal of the property and clearly contributed to its successful sale. It is a testimony to our successful strategy of closely dovetailing investment management and asset management.”
The transaction was facilitated by BNP Paribas Real Estate while Norton Rose Fulbright provided legal consultancy. The parties agreed not to disclose the selling price.
Image source - HIH Invest Real Estate, Simon Braun.
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