Global investment manager Invesco Real Estate (IRE), has bought the Holiday Inn in the Dutch city of Eindhoven for EUR 22.5 mln in a sale-and-leaseback deal with Hampshire Hospitality.
Global investment manager Invesco Real Estate (IRE), has bought the Holiday Inn in the Dutch city of Eindhoven for EUR 22.5 mln in a sale-and-leaseback deal with Hampshire Hospitality.
The hotel is let on a 25-year hybrid lease subject to a franchise agreement with the InterContinental Hotel Group, under the Holiday Inn brand. It has been purchased for IRE's second dedicated hotel fund.
As a good-quality mid-size hotel, 'the transaction fits the existing fund strategy well with its focus on fundamentals,' said Erik Jacobs, IRE’s hotel funds' transactions manager. It also provides diversification to the portfolio in terms of market and brand, Jacobs said.
The 206-room hotel is located in the centre of Eindhoven, opposite the central railway station and bus station, and close to the university, office park and the stadium for local football club PSV. The hotel was fully renovated in 2009.
IRE's dedicated European hotel funds currently own 23 mid-market hotels with over 5,000 rooms across Europe with total assets under management of EUR 860 mln.
