Invesco Real Estate has sold four German hotels to an Oman-based investor three years after acquiring them for a UK institutional investor.

Al Zaman Group has acquired the portfolio of IntercityHotels for an undisclosed amount.

Invesco Real Estate bought the four hotels in Darmstadt, Mainz, Rostock and the Frankfurt Airport in 2014 for a pan-European long-lease strategy. The assets were acquired with 30-year hybrid leases to operator Deutsche Hospitality.

Hans-Peter Hermann, senior director of asset management hotels at Invesco Real Estate, said: “Following active management of the assets and having exceeded our client’s objectives, the timing was optimal for us to sell these assets.

“We are delighted to be able to provide Zaman Group with four hotels in an excellent state of repair and successfully leased to a well-known hotel operator. We plan to further expand our footprint in the hotel sector on behalf of our existing investment mandates.”

Al Zaman is a diversified organisation with investments and operating businesses in real estate in the MENA region, Europe and Asia. The group is also invested in hospitality, retail, telecommunication, oil and gas, shipping and logistics, financial services, insurance and bespoke luxury industries.

It already owns an IntercityHotel in Enschede, the Netherlands, also run by Deutsche Hospitality.

Al Zaman chairman Mohammed Zaman said: “We have found a reliable and business oriented hospitality partner with Deutsche Hospitality. This transaction contributes positively to the planned growth of our hospitality led investment portfolio.”

Tawfiq Al Muzaddid, acting head of European real estate at Al Zaman, said: “Al Zaman has been attracted by European hospitality real estate for quite some time.

“Our investment strategy focused on new or recently renovated hotel assets operated by an established international operators in central locations offering stabilised incomes under long-lease income models. Hence, the acquisition of a further four IntercityHotels came as a strategic fit for our portfolio taking the total room count to nearly 1,000. We now remain committed to adding value to the portfolio through further development and acquisitions.’’

Hotel development and consulting specialist Feuring acted as transaction and industry adviser to Al Zaman and will manage the assets. Invesco was advised by JLL.