German fund manager Deka Immobilien has acquired a complex of two hotels under development in Munich for an undisclosed price.
Deka acquired the hotels, which are due for delivery in 2017, on behalf of its West TargetSelect Hotel fund from project company Munich Hotel Invest.
The project development includes two five-storey buildings, linked together with an underground passage, in the Laim district of Munich, not far from the Messe Munchen trade fair complex.
Prime Star Hospitality has signed a long-term lease and will manage the hotels under the brands Holiday Inn and Holiday Inn Express. The Holiday Inn will provide 118 mid-segement rooms, with the Holiday Inn Express comprises 189 rooms aimed at the economy segment. There will also be 110 parking spaces.
