Avignon Capital has made its debut hotel acquisition, investing €48.5m in Germany.
The property investment firm has bought two hotels in Berlin and Frankfurt let to operator Meininger.
Eric Mounier, CEO at Avignon Capital said: “The booming German hotel industry presented us with an opportunity to diversify our portfolio whilst sticking to our philosophy of investing in attractive locations with strong growth fundamentals.”
The Berlin and Frankfurt Meininger hotels, next to transportation hubs, were built in 2010 and 2011, respectively.
The 296-room Berlin Meininger is on Washingtonplatz, near Berlin’s main station in Europacity district, while the Frankfurt Meininger, which contains 168 rooms, is in Frankfurt’s Gateway Gardens.
Avignon said the hotels’ proximity to Berlin and Frankfurt’s prime transportation hubs will be key to future value and growth.