More than 10 years after it was acquired by Union Investment, the Marriott Hotel, located close to Hamburg's prestigious Jungfernstieg boulevard, has changed owners. Union Investment has sold the luxury hotel for approximately €65 mln to international investment and property development company UK & European Investments Limited. The complex comprises a 270-room and 8-suite hotel; four retail units and a 128-space public parking garage and was purchased by Union Investment in 2004 for its open-ended real estate fund Unilmmo: Deutschland. “This sale sees us leveraging the current market environment to drive forward the optimisation of our fund portfolio, as well as reducing its average age,” said Dr Frank Billand, a member of the management team at Union Investment Real Estate GmbH. “We intend to make targeted acquisitions in major European cities in 2015 and to continue expanding our hotel portfolio.”
The Hamburg hotel portfolio managed by Union Investment is now including six assets, i.e. the Motel One on Ludwig-Erhard-Straße, close to the Reeperbahn, the 5-star Steigenberger Hotel on Fleetinsel and the Scandic Hamburg Emporio. Union Investment is one of Europe's leading hotel investors. Its hotel portfolio comprises real estate assets worth around €2.3 bln and currently consists of 39 properties, which are mostly leased on a long-term basis to international operators such as Motel One, Hilton, Marriott, Rezidor and Steigenberger. Clifford Chance and CBRE Hotels advised Union Investment on the deal.
Source: Union Investment
