French real estate asset and fund manager Atream has acquired the NH Erlangen hotel in Germany, from pan-European investment manager Patrizia, for €16.8 mln.
The hotel deal, which was struck on behalf of SCPI Atream Hotels, is backed by a long-term lease to the NH Group, which has more than 350 hotels in 28 countries.
Pascal Savary, president of Atream said: 'Now with five hotel establishments in Germany, Atream is pursuing its strategy defined for the SCPI Atream Hotels fund and supports the tourist industry in Europe through its investments. We are delighted to support a partner like NH Hotel Group, and to have built a long-term investment solution at the service of our investors.'
Located in the centre of Erlangen, one of the largest cities in Bavaria, the hotel is situated in the city's touristic heart near key universities, a convention centre and a shopping centre.
Renovated in 2016, the 4 star property has 138 rooms, a restaurant-bar and conference facilities.
SCPI Atream Hotels invests in hotel properties in major Eurozone cities, operated on long-term leases by benchmark brands.
