Union Investment has sold Hamburg’s Marriott Hotel for €65 mln to London-based investor UK & European Investments.
Union Investment has sold Hamburg’s Marriott Hotel for €65 mln to London-based investor UK & European Investments.
Union acquired the four-star hotel on the Jungfernstieg boulevard in 2004 for its open-ended real estate fund UniImmo: Deutschland. The disposal leaves it with a portfolio of six hotels in the German city and 39 properties across Europe, with a total value of around €2.3 bn.
‘This sale sees us leveraging the current market environment to drive forward the optimisation of our fund portfolio, as well as reducing its average age,’ said Frank Billand of Union Investment’s management team.
The 270-room property is the second hotel acquisition in Hamburg for UK & European Investments, following its investment in the Intercontinental Hotel in 2012.
European acquisitions director Adam Golebiowski said: 'We see Hamburg as one of the most attractive real estate investment markets in Europe with high liquidity and strong economic fundamentals. The Marriott Hamburg is a rarely available property in an outstanding location, combining a strong income yield with significant asset management opportunities in the long term.'
