Dallas-based Invesco Real Estate is buying the Marriott Courtyard Hotel in Stockholm and the Radisson Hamburg Hotel in Germany for a total of €230 million ($365 million).
Both deals are structured as purchase and leasebacks of hotels that are being developed or refurbished in the case of the Radisson. The deals will close in the second half of 2009, said Invesco.
It is the first time Invesco has agreed to buy a hotel asset in Scandinavia and the third in Germany, it added. The Scandinavian asset is being sold by the Faktor Group, a listed development company that will lease the property back via a subsidiary. The hotel will be operated by Marriott under a franchise agreement and will have 272 rooms when completed.
The four star Radisson in Hamburg is being sold and lease back by private investor, the Azure group. That property will have 560 rooms next to the Congress Center of Hamburg and will be operated by Rezidor.
Invesco is currently building a hotel platform across Europe. In June, the firm bought the Patio Hotel in Aberdeen, Scotland, for around €44 million. That deal took the fund’s total commitments and investments to €460 million, equivalent to more than 50 percent of the fund's total capital.