Property Magazine International - September 14, 2010
Invesco Real Estate (IRE) announces that it has concluded the acquisition of the Novotel City Centre hotel in Munich, Germany for an investment of €39m in an off-market deal, with financing provided by Bayern LB. This is the fifth hotel the firm has bought this year for its dedicated pan-European hotel fund , with purchases in France, Italy and Stockholm concluded earlier this year. This brings to 14 the total number of hotels the fund now has under management and represents over €600m of investment into this specialised real estate sector.
The latest acquisition was purchased as part of a sale and lease back portfolio of five hotels from Accor and operates under the Novotel brand. IRE currently has a further two hotels under contract, which are expected to conclude later in 2010.
The Novotel City Centre is a modern 4* business hotel, opened in 2004, with 307 rooms, restaurant, bar, meeting rooms, pool and fitness centre. It is located in the heart of the Bavarian state capital, just minutes from the Deutsches Museum, the Gasteig cultural centre and the old town. Accor is one of the leading global hotel operators with strong branding and covenant. The acquisition is in line with IRE’s hotel fund’s investment strategy of building a diversified pan-European portfolio of leased mid-market hotels.
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