Invesco concludes acquition of three hotels for EUR 90m

Invesco Real Estate (IRE), the global cross-border property investment manager, announced that it has concluded the acquisition of three hotels in Paris and Rome, for an investment of EUR 90 mln. This brings to 13 the number of hotels owned by the firm's dedicated pan-European hotel fund and represents EUR 560 mln of investment into this specialised real estate sector.

The latest acquisitions were purchased from Accor hotels and will operate under lease contracts under the Pullman, Mercure and Novotel brands. IRE currently has a further two hotels under contract with Accor, which are expected to conclude later in 2010.

IRE said the acquisitions are in line with the hotel fund's investment strategy of building a diversified pan-European portfolio of leased 3 and 4-star hotels and represent the fund's first acquisition in Italy.