Schroders Capital and Capital France Hotel, a hotel investment vehicle managed by Schroders Capital’s real estate hotels team, have completed the acquisition of a major hotel complex in Berlin'sAlexanderplatz, one of the main public squares of the German capital. Financial details were kept confidential.
The deal comprises three properties: the Holiday Inn Hotel, the Indigo Hotel and the One80° Hostel, totalling 527 rooms. The two hotels will be leased to Premier Inn, part of the Whitbread Group, and will undergo an extensive renovation program to become one of the brand’s flagships in Europe. The hostel will continue to be operated by the seller under a long-term lease agreement.
Capital France Hotel already owns several hotels in Europe’s main strategic destinations, including the Pullman Bercy Paris, the Westin Palace Milan, the Saint Regis Venice, the Radisson Paris Boulogne and the Marriott Monaco Cap d’Ail. .
'Berlin is one of the most important target markets for us in Germany and Alexanderplatz is the centre of the capital with many important sights, restaurants and shopping opportunities in walking distance,' saidChris-Norman Sauer, acquisitions director Germany, Premier Inn. 'We are very much looking forward to convert the two hotels into Germany’s largest Premier Inn with 403 rooms.'
Stéphane Obadia, head of Investments, Schroders Capital, said: ‘Schroders Capital’s real estate hotels team is excited to start working with Whitbread on this first project. This acquisition, completed in a time frame of only five weeks, also demonstrates our commitment to delivering and conducting transactions in the most efficient and straightforward way.’
As part of this off-market transaction, the buyers have been advised by CMS, Eight Advisory, and De Pardieu Brocas Maffei. Premier Inn was advised by Clifford Chance. JLL advised on the transaction.
