Invesco Real Estate announced on Thursday that it has concluded the acquisition of the newly built Marriott Courtyard Hotel in Stockholm for EUR 66 mln. The transaction was the 15th hotel purchased or committed to acquire on behalf of Invesco's hotel fund and the fund's first acquisition in Scandinavia.

Invesco Real Estate announced on Thursday that it has concluded the acquisition of the newly built Marriott Courtyard Hotel in Stockholm for EUR 66 mln. The transaction was the 15th hotel purchased or committed to acquire on behalf of Invesco's hotel fund and the fund's first acquisition in Scandinavia.

The global property investment manager said the acquisition was in line with the fund's investment strategy of building a diversified pan-European portfolio of leased three and four-star hotels. The Marriott Courtyard will be operated under a franchise with Marriott and leased by Scandinavian Hospitality Group (SHG), Marriott's master franchisee for Scandinavia and a subsidiary of the Faktor Eiendom group, the listed Scandinavian property and hospitality company.

The Marriott Courtyard is located on Kungsholmen at the new entryway to the historic centre, close to the waterfront, motorway and city centre. The full service hotel has 278 rooms and underground parking.

Jochen Schaefer-Surén, head of Hotels and Leisure Fund Management at Invesco Real Estate said: 'This strategic acquisition for the hotel fund adds further diversification to its existing pan-European hotel portfolio and highlights Invesco Real Estate’s ability to provide institutional investors with access to this specialist real estate asset class. The fund's strategy is focused on acquiring a portfolio of branded mid-market hotels across the European Union with a specific focus on the euro-zone and has over EUR 600 mln invested and committed to invest, with additional capital still available for further hotel investments.'

Invesco Real Estate has EUR 18.4 bn of assets under management, of which EUR 4.7 bn is managed across Europe.