Internos inks €23m value-add hotel deal in Turin

Internos Global Investors, the European owner-managed real estate fund manager, has completed the €23.1 mln acquisition of the NH Turin Santo Stefano from Immobiliare Galileo as part of a Hotel Real Value Plus value-add mandate.

The hotel is operated under a long lease containing fixed and variable rent components from the Spanish NH Hotel Group.

This four-star hotel is located in the historical centre of Turin and has 125 rooms, a restaurant, bar, nine conference rooms and 43 parking spots. It was acquired due to the various opportunities to add value to this property thanks to its strategic location, the quality of the modern buildings and the new lease contract, Internos said.

'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 Jochen Schaefer-Suren, Internos' partner managing the Hotel and Leisure division.

The deal increases the number of hotels managed by Internos to 15 with a total value of nearly €500 mln. Internos' hotel division was founded in 2011.