Union Investment buys first hotel in Scotland for Unilmmo Global fund
Union Investment’s open-ended real estate fund Unilmmo: Global has made its first hotel acquisition in Scotland.
Real estate manager Union Investment said it bought the two hotel properties in Edinburgh from MAS Real Estate for around €43.4m.
Since its opening in 2016, the 248-room development has been occupied by two hotel formats − a Premier Inn with 127 rooms and a Hub by Premier Inn with 121 rooms.
Andreas Löcher, the head of investment management for hospitality at Union Investment Real Estate, said: “We have been investing successfully for several years in the high-growth budget and midscale hotel segment across Europe.”
The Premier Inn and Hub by Premier Inn brands provide further diversification in our portfolio, Löcher said.
”We are delighted to be adding two Premier Inn hotels to our holdings, particularly as both formats have already proven effective at the location.
”After London, Edinburgh is the most popular travel destination in the UK and is increasingly attracting the attention of international hotel investors.”