US private equity group Blackstone has acquired the German Deutsche Inter Hotels for EUR 720 mln, strengthening its position as the world's biggest hotel landlord.
US private equity group Blackstone has acquired the German Deutsche Inter Hotels for EUR 720 mln, strengthening its position as the world's biggest hotel landlord.
Blackstone acquired the group from 70% shareholders Deutsche Bank and Aareal Bank. The purchase price reflects a yield of 6%. The hotels' occupancy level is around 70%, newspaper Property Week has reported.
The hotel group owns 10 sites in eastern Germany which are run by Westin Hotels, Accor and SAS Radisson. Blackstone will manage seven of the hotels, while the remainder will be managed or leased by Accor..
