Art-Invest Real Estate has acquired a 216-room hotel in Austria from a joint venture between JP Immobilien and WertInvest.
The European real estate manager has expanded its Vienna hotel portfolio by acquiring the 25hours Hotel at MuseumsQuartier for an undisclosed sum for an institutional fund vehicle.
Originally built in 1971, the 25hours Hotel operated as a student residence before being converted into a hotel in 2013.
Peter Ebertz, managing director and head of hotels at Art-Invest Real Estate, said: “With the acquisition of the 25hours Hotel at MuseumsQuartier in Vienna, we continue our strategy of investing in hotels in European metropolitan areas and sought-after leisure destinations.
“Thanks to its broad target group the 25hours Hotel has proven its resilience and offers attractive upside potential in the future. Our goal is to further expand our investments in lifestyle hotels in European cities with strong leisure demand.”
Mark Leiter, managing director and head of the Vienna at Art-Invest Real Estate, said: “This acquisition highlights the importance of the Vienna hotel market for our growth strategy. The location in the cultural center of the city and the hotel’s unique concept make this investment a valuable addition to our portfolio.”
Daniel Jelitzka, owner and managing partner at JP Real Estate, said: “The 25hours Hotel at the MuseumsQuartier is particularly meaningful to us – it was our first hotel investment in 2003 and marked an important step in establishing our hospitality division.
“This property has shown us the strength that lies in bold concepts, strong partners and exceptional locations, and it has helped shape our position as hotel developers.”
Michael Tojner, owner and managing partner of WertInvest, said: “We are pleased to have found a solid buyer for our property in Art-Invest Real Estate. This unique asset, together with its innovative operator and operating concept, demonstrates that real estate transactions remain possible even in a challenging market environment.”
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