Patrizia now manages about €900m worth of hotel assets in Europe, the manager said today as it announced its latest acquisition in Germany.
Patrizia said it has acquired a fully-let 164-room hotel in Düsseldorf from Dereco for an undisclosed sum.
The 5,611sqm three-star hotel, which opened in 2015, is operated by the Holiday Inn Express service brand.
Douglas Waibel, associate director transactions at Patrizia, said the asset is income-producing from day one and provides a sustainable, long term income stream with an opportunity to enhance this through the relaunch of the operation under the brand of Premier Inn.
“As its track record demonstrates, the hotel, which has been operating for a number of years, is well-positioned to meet the continued demand for mid-priced accommodation operated by a brand which appeals to both business and leisure travellers,” Waibel said.