Internos acquires NH hotel in Turin for €23m

Pan-European real estate fund manager Internos has completed the acquisition of an NH-branded hotel in the Italian city of Turin for €23 mln.

Internos acquired the NH Torino Santo Stefano from Immobiliare Galileo as part of its hotel value-add strategy.

The hotel is operated under a long lease comprising fixed and variable-rent components from the Spanish NH hotel group.

The four-star hotel has 125 rooms, a restaurant, bar, nine conference rooms and 43 parking spots. The hotel is located in the historical centre of Turin.

'The acquisition of the NH Turin allows us to add value via property level asset-management initiatives and the conversion of the previously existing management agreement into a long-term lease at closing and adds geographical diversification to the growing portfolio,' said Internos partner Jochen Schaefer-Suren.

Schaefer-Suren manages the investor's hotel and leisure division and is the portfolio manager of this value-add mandate. Under his management, Internos has built up a portfolio consisting of 15 hotels with a total value of nearly €500 mln since the foundation of the hotel and leisure division in 2011.

Internos plans to continue to invest in the hotel real estate sector by using the remaining capital from its core hotel real estate fund and the hotel value-add mandate over the rest of 2015 and in 2016.