Invesco makes hotel acquisitions in Stockholm and Hamburg

Invesco Real Estate has bought hotels in Stockholm and Hamburg for a total investment of EUR 230mln. The sale-and-leaseback transaction of the Marriott Courtyard Hotel project in the Swedish capital from listed property group Faktor was Invesco's first hotel deal in Scandinavia. The purchase is expected to close in the second part of 2009.

The Marriott Courtyard will have 272 rooms, meeting spaces and underground parking.

Invesco's third hotel deal in Germany was the sale-and-leaseback of the Radisson Hamburg Hotel from the Azure group. Invesco said the deal would be closed after the completion of a substantial refurbishment programme. The four-star Radisson Hamburg has 560 guest rooms, conference and meeting facilities, restaurants and a ballroom.

Invesco said the purchase of the two hotels is in line with its strategy of building a diversified pan-European portfolio of leased hotels. The Marriott Courtyard will be operated under a franchise with Marriott and leased by SHG, a subsidiary of the Faktor group. The Radisson will be leased back to the Azure group, a private hotel investor and operator group, but operated by Rezidor under the Radisson brand.

Invesco Real Estate has offices in London, Munich, Madrid, Paris and Prague, in addition to the real estate offices around the US and in Asia. Globally, the company has EUR 18.7bn under management of which the European team is responsible for EUR 5.9bn of property assets across Europe.