Commerz Real’s European hotel fund has invested an undisclosed sum to buy two Intercity hotel projects in the Netherlands

The manager said the Commerz Real European Hotel Fund has bought the yet to be constructed 115-room hotel in Leiden and a 174-room hotel in Breda, scheduled for completion in 2023.

The assets were acquired through the manager’s Luxembourg-based company CR Fund Management.

Commerz Real said the two hotels will be operated by Stag Hotels Netherlands, a subsidiary of Steigenberger Hotels.

Dirk Schuldes, global head of hospitality at Commerz Real, said the planned openings in the early summer of 2023 are positive as the hotel markets will probably have already recovered once the pandemic has already abated.

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