IREMIS announces the acquisition of the Pullman Hotel in Dresden from Covivio Hotels on behalf of its IREMIS Hotel Real Estate Fund I for c. €30.5m. The hotel will be renovated and operated under a long-term lease with the Barcelo Hotel Group.
The 4-star hotel has 319 rooms, a restaurant, several meeting rooms and customary facilities.
The hotel will initially operate under the Occidental Hotels & Resort brand and named Occidental Dresden Newa, while benefiting from a substantial refurbishment and thereafter trade under the Barcelo Hotels & Resort brand.
Peter Lenhardt, Head of IREMIS´ hotel and leisure division, said: “The Pullman Newa Hotel in Dresden is a landmark hotel and a great first acquisition for our IREMIS Hotel Real Estate Fund I. We are grateful to have Barcelo, one of the most important tourism groups in Europe with a very strong covenant, as our partner both in the renovation and operation of this hotel. The location, paired with the quality of the asset and the potential of the planned renovation and repositioning, is exactly the kind of hotel investment IREMIS is looking for. And indeed, we are still looking for further hotel investments for our IREMIS hotel real estate fund I.”
The ‘IREMIS Hotel Real Estate Fund I’ is a Luxembourg RAIF administered by INTREAL as AIFM.
Image source - IREMIS.
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