Invesco Real Estate has bought the Patio Hotel in Aberdeen, Scotland, for around €44m ($69 million) on behalf of the Dallas-based firm's hotel vehicle.
The sale and leaseback is from the Patio Hotel group and the hotel is currently being rebranded via a franchise agreement with Hilton Hotels to the Doubletree brand by Hilton.
This latest acquisition brings the fund’s total commitments and investments to €460 million, equivalent to over 50 percent of the fund's total capital, it said in a statement.
Investors in the vehicle include Allianz Insurance group and Generali France. The fund, which is a Luxembourg-based SICAV, has a strategy focused on the acquiring a portfolio of limited service and mid-market hotels across the European Union with a specific focus on the euro zone.
Last year the firm beefed up its European hotel fund team when Marc Socker and Keith Evans joined the London office. Socker joined as acquisitions manager from the corporate finance team of global property services firm DTZ, while Evans joined as an analyst from Spanish consultancy EuroPraxis Consulting.
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