Commerz Real has acquired two Intercity hotel construction projects in the Netherlands from the schemes' respective project developers.
Financial details were not disclosed.
The deals include a 115-room hotel in Leiden and a 174 room-property in Breda, both acquired through the firm's Luxembourg-based company CR Fund Management.
Following completion in 2023, the two hotels will be part of the Commerz Real European Hotel Fund and operated by Stag Hotels Netherlands, a subsidiary of Steigenberger Hotels.
The Leiden property was acquired from Dutch project developer Synchroon, which also sold the Breda scheme, in partnership with Dutch construction company JP van Eesteren.
Dirk Schuldes, global head of hospitality at Commerz Real said: 'Steigenberger Hotels is an established professional hotel operator that has been on the market since 1930 with a brand portfolio covering all the hotel categories from the 2-star to 5-star segment.
'The concept of the Intercity hotel brand, which is in the 3-star segment, has been a success for more than 30 years now and is being continuously amended in line with the changing requirements and needs of guests.'
Located directly at the central station, the hotel in Breda is part of major development 5Tracks, which comprises two additional buildings with residential and office areas. Alongside the hotel rooms, the building is to have a restaurant and four conference rooms.
The construction project in Leiden is also located close to the central station and forms part of the Octagon project development, which also encompasses two residential towers, a car park and a commercial plinth.
Schuldes added: 'Given the proximity of Leiden to the coast, its historic town centre and its significance “The planned openings in the early summer of 2023 are positive as the hotel markets will probably have already recovered once the pandemic has already abated.'
Commerz Real's hotel fund invests in European hotel properties in cooperation with Deutsche Hospitality, the umbrella brand of Steigenberger Hotel. It is targeting a minimum of eight assets, of which three have now been secured, including the recent deals.
The target fund volume is €250 mln with an equity capital ratio of around 40%. Steigenberger Hotels is participating with a sum of €12 mln; the annual target yield is at least 5.5%.
Commerz Real was advised on the transaction by Eversheds Sutherland (legal matters), Crowe Horwarth (tax) and Traject (technology).
Synchroon and JP van Eesteren were advised by Colliers Hotel (commercial) and Barents Krans (legal matters).
