Invesco Real Estate (IRE), the international cross-border property investment manager, announced on Tuesday that it has concluded the acquisition of the Novotel City Centre hotel in Munich, Germany. The investment volume in an off-market deal came to EUR 39 mln, with financing provided by Bayern LB.
Invesco Real Estate (IRE), the international cross-border property investment manager, announced on Tuesday that it has concluded the acquisition of the Novotel City Centre hotel in Munich, Germany. The investment volume in an off-market deal came to EUR 39 mln, with financing provided by Bayern LB.
This is the fifth hotel Invesco has bought this year for its dedicated pan-European hotel fund, with purchases in France, Italy and Stockholm concluded earlier this year. In total, the fund now has 14 hotels under management representing over EUR 600 mln of investment into this specialised real estate sector.
The latest acquisition was purchased as part of a sale-and-leaseback portfolio of five hotels from Accor and operates under the Novotel brand. IRE currently has a further two hotels under contract, which are expected to conclude later in 2010.
The Novotel City Centre is a modern four-star business hotel, opened in 2004, with 307 rooms, restaurant, bar, meeting rooms, pool and fitness centre.
