Swiss Life Asset Managers Real Estate France has completed the purchase of a hotel portfolio from Germany’s LFPI Group.

The Pearl portfolio was bought for two funds managed by Swiss Life REIM (France).

One is an institutional club deal fund, and the second is mass market fund, SwissLife Dynapierre.

The portfolio includes 10 hotels in Berlin, Hamburg, Düsseldorf and regional cities.

A capital expenditure programme has been planned for the assets, which operate mainly under the Accor (Ibis, Ibis Styles and Mercure) brands, as well as IHG and Best Western.

Fabrice Lombardo, head of real estate and portfolio management, said: “This portfolio is a great opportunity, with well-maintained products, a good spread in the German territory and aligned with our strategy.

“Our institutional fund will be equally shared between French and German hospitality, offering a large diversification.”

The hotels will remain operated by LFPI Hotels Management Deutschland.