Internos inks €53m value-add deal in Cologne

Internos Global Investors has completed the €53 mln acquisition of the Triforum complex in Cologne as part of a value-add hotel mandate for institutional investors. The vendor was Hamburgische Immobilien Handlung (HIH).

The 24,000 m2 Triforum complex comprises a Park Inn Hotel and 15,000 m2 of fully-leased office space near the city centre. The four-star hotel has 205 rooms, a restaurant, bar, wellness and fitness area and 12 conference rooms.

The complex was acquired on behalf of Internos' Real Value Plus Hotel mandate.

'The acquisition of the Triforum combining a hotel and office complex offers an opportunity to add value via a separation of these two assets and a successful asset management program,' commented Jochen Schaefer-Suren, Internos' partner managing the Hotel and Leisure division.

With this acquisition, Internos has acquired a total of 15 hotels since 2012 with a total value of nearly €500 mln, he added.

Internos plans to deploy an additional €200 mln plus into hotel real estate over the course of 2015. The capital is being provided by the firm's Core Hotel Real Estate Fund and the value-add mandate.

Schaefer-Suren; 'As part of our objective to cover the entire hotel investment spectrum in Europe, while maintaining attractive yield and risk profiles, we have also begun to explore resort hotel acquisitions and mezzanine funding of hotel developments for one of our institutional investors.'

Since its formation by Andrew Thornton and Jos Short in 2008, Internos has developed a €3.6 bn portfolio of assets under management.