Invesco Real Estate (IRE) has acquired the recently opened Holiday Inn in Düsseldorf for one of its German separate account mandates.
The Holiday Inn Düsseldorf City opened in Le Quartier Central district, one of the biggest urban development areas in the state of North Rhine-Westphalia, in December 2016. The four-star hotel is leased to hotel operator Arcadia Hotelbetriebs on a long-term 20-year lease.
IRE acquired the hotel from Cologne-based project developer Pandion for an undisclosed price.
Fabian Manegold, senior director of transactions at IRE: 'The German hotel market is developing very positively with a 3% increase in overnight stays compared with the previous year, and a record investment volume of more than €5 bn was achieved in 2016. This is also reflected in the rising demand from investors for this interesting asset class.'
IRE was advised by GSK Stockmann + Kollegen and Drees & Sommer.
