European real estate fund manager Internos Global Investors has closed the acquisition of the NH Turin Ambasciatori in a sale and leaseback transaction with Spanish operator NH Hotel Group.
The deal was carried out on behalf of the Internos Hotel Real Estate Fund I for €20 mln. The four-star hotel provides 199 rooms, a restaurant, bar as well as 12 conference rooms and will be operated by NH Hotel Group under a long term hybrid lease containing fixed and variable rent components.
Internos will also invest €8.6 mln in the hotel’s refurbishment.
With this investment the fund will have €400 mln of assets under management, Internos said. Since its first closing the fund has distributed dividends of over 8% per annum every year and achieved total returns of circa 12% per annum.
Jochen Schäfer-Surén, partner in charge of managing the Internos hotel and leisure division, commented: 'After the successful disposal of the two hotels earlier this year, this hotel acquisition allows us to start the rotation of our capital from mature markets to other interesting markets with equally attractive running returns but more upside in the eurozone.'
