Union Investment has acquired a hotel in the US for around €120m from Widewaters Hotel.
The German fund manager said it bought The Porter in Portland on behalf of the open-ended real estate fund Unilmmo: Global.
The Porter, which opened at the beginning of the year, offers 294 rooms, the property is part of the Curio Collection by Hilton brand.
Recently, the fund acquired the planned Thompson brand boutique and lifestyle hotel in Washington D.C.
Portland is Union Investment’s sixth hotel location in the US and its second on the west coast.
The Hamburg-based real estate investment manager acquired the Hilton Garden Inn Seattle in 2017.
Andreas Löcher, the head of investment management hospitality at Union Investment Real Estate, said: “With its high construction quality, exceptional high-end accommodation concept and excellent location in Portland’s business district, The Porter is the ideal addition to our US portfolio, which is set to grow at a similar pace going forward as in recent years.”
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