German lenders Deutsche Hypo and Hypo Vereinsbank (HVB) have agreed a €76.5 mln financing package for Deka Immobilien’s purchase of the Sofitel Munich Bayerpost hotel.

German lenders Deutsche Hypo and Hypo Vereinsbank (HVB) have agreed a €76.5 mln financing package for Deka Immobilien’s purchase of the Sofitel Munich Bayerpost hotel.

Deka acquired the 5-star hotel in October from a fund operated by closed-end fund business Ebertz & Partner. The purchase price was not disclosed but is believed to be around €180 mln, making it the largest sum paid for a single hotel in Germany this year.

The hotel is located in a Grade I listed building next to Munich’s main railway station that was previously occupied by the royal Bavarian postal service. It has 396 rooms, including 57 suites.

The two lenders are providing the finance on a 50:50 basis.

‘We are delighted to be able to finance this high-profile asset again,’ said Deutsche Hypo CEO Andreas Pohl. ‘The Munich hotel market has been developing very positively for years, reflected in the continuing increase in the number of overnight stays.’