JER Partners has entered the German hotel market with the acquisition of the Marriott Munich hotel, a 4-star business and conference facility, from an unnamed vendor . The hotel, which has a long-term management agreement with Marriott, consists of 348 guest rooms, nine conference rooms, a Grand Ballroom and three restaurant bars. The transaction volume was not disclosed. As part of its investment strategy, JER will carry out an extensive refurbishment programme to upgrade the hotel over the next few years.
JER Partners has entered the German hotel market with the acquisition of the Marriott Munich hotel, a 4-star business and conference facility, from an unnamed vendor . The hotel, which has a long-term management agreement with Marriott, consists of 348 guest rooms, nine conference rooms, a Grand Ballroom and three restaurant bars. The transaction volume was not disclosed. As part of its investment strategy, JER will carry out an extensive refurbishment programme to upgrade the hotel over the next few years.
'The robust German economy and an increase in international tourism have led to a recovery in this previously stagnant sector. The market in Munich, which has a large business community as well as trade fairs and leisure opportunities, has experienced particularly strong growth. JER will use its extensive experience to reposition the hotel to achieve its full potential,' said Malcolm Le May, president of JER Europe.
The vendor was advised by Jones Lang LaSalle Hotels
JER Partners is the global real estate division of the J.E. Robert Companies and is headquartered in the US state of Virginia. The company has been active in Europe since 1995. In the US, JER Partners is a leading private equity real estate investor in the hotel sector. Its current portfolio comprises of almost 25,000 hotel rooms and 200 hotels.
