Dallas-based Invesco Real Estate has concluded a €155 million acquisition of a hotel in Germany in the largest single transaction so far for its European hotel fund.
The fund is buying the Radisson Blu Hotel in Hamburg as the result of an earlier forward purchase agreement signed prior to a €50m renovation.
The 4-star hotel will continue to be managed under the Radisson flag by Rezidor.
Invesco’s hotel fund’s investment strategy is to expand its pan-European portfolio of leased 3 and 4-star hotels. The Hamburg asset is the twelfth for the fund to date and the third in Germany.
Jochen Schaefer-Surén, head of hotels and leisure fund management, said in a statement: “The hotel’s value in its 2009 valuation already exceeds the fund’s investment, and forecast rent for 2010 is also expected to exceed projections due to the relatively resilient Hamburg hotel market.”
In June last year, Invesco's hotel vehicle bought the Patio Hotel in Aberdeen, Scotland, for around €44 million taking the fund’s total commitments and investments to €460 million, equivalent to more than 50 percent of the fund's total capital.
Invesco concludes €155m hotel deal
The Dallas-based firm says it has acquired the Radisson Blu Hotel in Hamburg, Germany, for €155m on behalf of Invesco Real Estate’s European hotel fund.
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