Patrizia acquires four-star hotel in Stuttgart

German investment manager Patrizia Immobilien has acquired the Arcotel Camino in Stuttgart for a special real estate fund.

Financial details were not disclosed.

Built in 2007, the four-star hotel was sold by a subsidiary of HCI Development Fonds I KG, a closed real estate fund of HCI Capital.

'Arcotel Camino is in an excellent location and is without a doubt one of the most beloved hotels in Stuttgart. That is seen not only in the regular Internet reviews that are very positive but also in the occupancy rates,' said Douglas Waibel, senior investment manager at Patrizia.

Situated in the immediate vicinity of the main train station, the hotel offers over 168 rooms, a conference and seminar area as well as a gym and a spa. The hotel also has 34 parking spaces underground and 10 parking spaces above ground. The hotel opened in January 2008 and is leased to the Arcotel Group for another 18 years.

Patrizia manages hotel assets worth around €300 mln.