Patrizia Immobilien has acquired a three-star Ghotel-branded hotel in the German university town of Würzburg from Würzburg Estates for an undisclosed sum.
The 204-room property, which is the second-largest hotel in the city, comprises 11,000 m2 laid out over 18 storeys and was built in 2012.
'With an experienced operator and a long-term lease agreement, the hotel property in this university city with its strong local economy and rising numbers of tourists constitutes an ideal investment for our customers,' commented Douglas Waibel, hotel expert at Patrizia.
The asset is destined for the real estate fund Patrizia Hotel-Invest Deutschland I. The building has been leased to the Ghotel hotel group for 23 years with an option to extend for another five years. Congress space is being created next door via the new Novum building project, with a multifunctional hall for sports and concerts also in the works.
The deal brings Patrizia's hotel assets to around €600 mln. 'Patrizia has been expanding its commitment to this class of assets on a continuous basis for several years,' concluded Waibel.
