UBM Development has sold a 3-star Ibis hotel and the 4-star Novotel in Vienna to a fund managed by French asset manager Amundi Real Estate in a forward deal totalling €85 mln.
The assets, being developed for AccorHotels Group, are located near Vienna's new Central Station in the Quartier Belvedere Central (QBC) area.
'The sale of QBC 5 to Amundi Real Estate is a further proof of the growing appeal of the hotel asset class as an investment,' commented Michael Wurzinger, chief operating officer at UBM Development. 'With the forward deal for QBC 5, we have succeeded in taking another important step in our sales strategy, increasing the planning security for UBM in the next year.'
The hotels total 577 rooms and an event area with ballroom and conference facilities on a gross floor area of 27,300 m2.
The properties will be handed over in the second half of 2017 and are expected to open next summer.
'The acquisition of these properties confirms our European diversification and increases our position on the hotel asset class with secured long term cashflows,' said Hubert Joachim, head of international investment at Amundi Real Estate.
