Hamburg-based Union Investment has acquired its third hotel in Germany's capital in six months with the purchase of the four-star Meliá Berlin.
Hamburg-based Union Investment has acquired its third hotel in Germany's capital in six months with the purchase of the four-star Meliá Berlin.
The 364-bedroom property on the corner of Friedrichstrasse and Am Weidendamm was bought in an off-market transaction from Grundstücksverwaltungsgesellschaft Am Weidendamm Berlin-Mitte mbH. The purchase price was not disclosed.
The asset will be included in the portfolio of special fund DEFO Immobilienfonds 1, which holds five hotels from different brands and has a total value of €790 mln.
Opened in 2006, the hotel is let on a long-term basis to Sol Meliá Deutschland GmbH, a subsidiary of Spanish hotel group Meliá Hotels International. The restaurant is let separately to Maredo.
'A combination of the high occupancy rate, a successful brand and a financially strong Europe-wide leading hotel operator help to make this investment compelling,' said Christoph Schumacher, a member of Union Investment's management board.
Last summer Union Investment acquired Andel's conference hotel in Berlin and bought the Hampton by Hilton off-plan, on a site close to Alexanderplatz. The company's total hotels portfolio of 48 properties worth approximately €2.7 bn is spread across seven open-ended retail and special funds.
