German fund manager Real IS has acquired a newly built hotel property in Hamburg from Investa Real Estate on behalf of its Themenfonds Deutschland fund.
Financial details were not disclosed.
The 10-storey property was completed in the third quarter of 2017, and provides 10,500 m2 of space across a total of 265 rooms, 104 of which are marketed under the Hampton by Hilton brand and 164 under Holiday Inn Express as part of a double-brand concept.
Foremost Hospitality is the operator of the recently opened hotel. In addition, the property has an underground car park with 78 parking spaces.
'The search for sustainable returns has led to an increase in demand for hotel properties on the investment market. This modern hotel property in Hamburg’s SonninQuartier fulfils the high-quality requirements of the ‘Themenfonds Deutschland’ and supports the fund’s diversification into various asset classes and will generate sustainable cash flow,' said Jochen Schenk, member of Real IS’s board of management.
Real IS was advised by Drees & Sommer and GSK Stockmann. Clifford Chance advised Investa Real Estate.
