AXA Investment Managers - Real Assets (AXA IMRA) has agreed to acquire a four-star Berlin hotel via a sale-and-leaseback transaction with the Spanish-headquartered Abba Hotels.
AXA IMRA acquired the Abba Hotel in the German capital on behalf of one of its clients. The financial details of the transaction were not disclosed.
Karl Badstuber, senior hotel specialist at AXA IMRA, described the Abba Hotel as a core asset located in a key German market with favourable long-term fundamentals. The transaction adds to AXA IMRA's €2.6 bn portfolio of 87 hotels across eight countries that it manages on behalf of clients.
Abba Hotels, an owner, operator and developer of hotels, will continue running the asset on a new long-lease.
Purpose-built and opened in 2010, the four-star Abba Hotel in Berlin comprises 214 rooms arranged over seven above-ground floors. Catering to Berlin's business and leisure travellers, the hotel features four meeting rooms, a restaurant and bar, a spa and fitness centre, in addition to 22 underground parking spaces.
The hotel is located just off Kurfurstendamm, the city's main shopping street and near a range of public transport options.
