French fund manager Atream has acquired a 150-room Ibis budget branded hotel asset in Germany from HIH Invest Real Estate for an undisclosed sum.
The 3,912sqm hotel, built in 2007, is located at Bahnhofstrasse 2-4 in the town of Aschheim and is let to AccorInvest Germany.
Daniel Asmus, head of HIH Invest Real Estate’s transaction management in Germany, said: “The past few years have been rather challenging for the hospitality business. Especially exhibition hotels were struggling during the coronavirus pandemic because of a drastic drop in the number of overnight stays.
“Through continuous upgrades, we managed to reconfigure the hotel to meet the exact demand-side preferences of hotel guests and to restore it to a robust market position.
“This and the fact that the tenant is well known seriously enhanced the appeal of the property and clearly contributed to its successful sale. It is a testimony to our successful strategy of closely dovetailing investment management and asset management.”
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