A portfolio of 10 hotels spanning Europe’s most sought-after cities has been sold by the Austria-based Koller family to a joint venture of US hotel owner and operator Highgate Hotels and investment bank Goldman Sachs.

A portfolio of 10 hotels spanning Europe’s most sought-after cities has been sold by the Austria-based Koller family to a joint venture of US hotel owner and operator Highgate Hotels and investment bank Goldman Sachs.

JLL and Credit Suisse advised on the sale of the K+K Hotels Group which includes 1,200 rooms in cities including London, Paris, Barcelona, Munich, Vienna, Prague, Budapest and Bucharest.

The sales price remains confidential.

The management platform was also included as part of the sale.

'The transaction offered investors the rare opportunity to not only acquire high-end real estate in prime strategic locations, but also a well-established and highly profitable management platform, allowing for an instant market penetration and a basis for future growth in Europe’s key cities with highest entry barriers,' said Sheima Salloum, Senior Vice president JLL Hotels & Hospitality Group.

The K+K Hotels were owned and operated by the Austria-based Koller family for over 50 years.

'We were managing a highly competitive bidding environment with strong interest from a number of cross-border investors, especially from the US and Asia, and a highly diversified buyer audience,' Salloum added.

'This transaction perfectly underlines the current trend towards large volume portfolio and management platform deals, accounting for some 60% of EMEA’s total transaction volume year-to-date September 2015,' added Christoph Härle, CEO EMEA JLL Hotels & Hospitality Group.