Invesco Real Estate has acquired a 327-bed hotel in Poland on behalf of a German separate account mandate from Granaria Development Gdansk, a partnership between Immobel and Multibud.
The real estate manager said the acquisition of the Cloud One Hotel Gdansk is the first time the client, “a long-standing German separate account mandate”, has diversified into the hotels sector.
Financial details were undisclosed.
The seven-storey hotel located on Granary Island in central Gdansk, completed this year. It will be managed by Motel One Group under a 25-year lease.
Tomas Picha, senior director of investment management, CEE at Invesco Real Estate, said: “The Cloud One Gdansk asset has a long lease with a highly attractive yield profile. As such, it represents a compelling investment for our German client while also building further on Invesco Real Estate’s specialist, long-term success in the European hotels sector.
“Gdansk has continued to benefit from increased tourism and business traffic, supporting the strong investment case for this acquisition.”
Michael Berchtold, director of fund management at Invesco Real Estate, said: “The Cloud One Gdansk acquisition is a strategic move for our client, as the property fits the mandate in terms of location, quality and tenant profile, as it has an exceptionally long lease with a strong tenant.
“The European hotels sector continues to recover post-COVID and offers excellent opportunities for investors on a select, disciplined basis. We continue to see demand from clients and remain well positioned to support institutional investors looking to diversify portfolios.”
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