Invesco Real Estate (IRE), a global real estate investment manager, has acquired the Holiday Inn in the “Le Quartier Central” district of Düsseldorf for one of its German separate account mandates.
Fabian Manegold, Senior Director – Transactions at IRE, comments: "We are very pleased with the acquisition of this prestigious inner-city hotel in Düsseldorf. Düsseldorf is one of the leading hotel locations in Germany and distinguishes itself by broad demand among business travellers and tourists. The German hotel market is developing very positively with a 3% increase in overnight stays compared with the previous year, and a record investment volume of more than €5bn was achieved in 2016. This is also reflected in the rising demand from investors for this interesting asset class."
The newly-constructed, high-quality hotel is situated in the new and attractive Le Quartier Central district, one of the biggest urban development areas in the state of North Rhine-Westphalia. "Le Quartier Central" is a high-quality location, has access to good transport connections and is close to the city centre and Düsseldorf’s fairgrounds.
Tobias Simon, Senior Director – Fund Management at IRE, comments: "The Holiday Inn Düsseldorf City represents a good addition to our client’s existing portfolio, strengthens its diversification, and provides secures long-term, stable income. Due to our longstanding experience and expertise in the hotel sector through IRE’s dedicated hotel team, we see the property as being very well positioned to benefit from the hotel market’s positive developments in the future as well."
IRE acquired the hotel from Cologne-based project developer Pandion who was also responsible for the planning and development of the modern 4-star hotel. The hotel is leased to experienced hotel operator Arcadia Hotelbetriebs GmbH on a long-term 20 year-lease and operates under the Holiday Inn brand name. The Holiday Inn Düsseldorf City opened in December 2016.
Invesco Real Estate was advised by GSK Stockmann + Kollegen and Drees & Sommer.
