Global investment manager Invesco Real Estate has acquired the recently opened Adina Apartment Hotel in Nuremberg from FREO Group for an undisclosed sum.
Representing the first Adina Apartment Hotel in the city, the extended stay facility was converted from a former Commerzbank branch office building by Freo and completed in October 2016.
'We are delighted to have acquired this property on behalf of one of our UK separate account mandates and to be working together with Adina Apartment Hotels, which has an impressive track record in the “extended stay” segment – a new and attractive sub-sector within the hotel market,' commented Fabian Manegold, senior director – transactions at Invesco Real Estate. 'The fully renovated property is located in a core location within Nuremberg’s historic old-town district, near the city’s top retail stores.'
'We are pleased to have successfully completed this city centre hotel development for Adina, which is already proving to be a fantastic addition to the city’s hospitality offer, and are delighted to have sold the investment to Invesco Real Estate. We wish every success to both our partners and look forward to further collaboration in the future,' concluded Matthias Luecker, chairman & CEO of FREO Group.
