Iremis, the Luxembourg-based specialist real estate investment manager founded by Jos Short and Jochen Schäfer-Suren, has announced the acquisition of the Pullman hotel in Dresden, Germany, from Covivio Hotels for around €30.5 mln.
The hotel, which was bought on behalf of its IREMIS Hotel Real Estate Fund I, will be renovated and operated under a long-term lease with the Barceló Hotel Group.
The four-star hotel has 319 rooms, a restaurant, several meeting rooms and customary facilities.
The transaction reflects the fund’s strategy to secure high quality hotel real estate offering value add opportunities in prime locations in dynamic cities in the Eurozone, the buyer said in a statement.
The hotel will initially operate under the Occidental Hotels & Resort brand and named Occidental Dresden Newa, while benefiting from a substantial refurbishment and thereafter trade under the Barceló Hotels & Resort brand.
Peter Lenhardt, head of IREMIS’ hotel and leisure division, said: ‘The Pullman Newa Hotel in Dresden is a landmark hotel and a great first acquisition for our IREMIS Hotel Real Estate Fund I. The location, paired with the quality of the asset and the potential of the planned renovation and repositioning, is exactly the kind of hotel investments IREMIS is looking for. And indeed, we are still looking for further hotel investments for our IREMIS hotel real estate fund I.’
