Wealthcore Investment Management has teamed up with South Korean investors to buy a €370m hotel in Austria’s capital.
The asset manager said it bought the Hilton Parkview hotel in Vienna in a joint venture with Mastern Investment Management, which acted on behalf of Meritz Securities, Hana Financial Investment and NH Investment & Securities.
The vendors, two Austrian family offices were represented by Invester United Benefits.
Wealthcore said a refurbishment and extension of the hotel for €75m has already commenced.
The 50,000sqm property will comprise in excess of 660 rooms and 241 car spaces and is situated in Vienna’s Am Stadtpark.
Christoph Wendl, managing partner of Wealthcore Investment Management, said the property offers the Korean investors an attractive opportunity for a long-term investment in the heart of Vienna.
“With our co-investment, we further demonstrate our own commitment to the property and the market, Wendl said.
”Vienna as a hotel and congress location is prospering and continues to attract international companies, investors and tourists.“
Wealthcore, which was founded in 2018, said it is currently working on further acquisitions in office, hotel and residential asset classes in Germany, Austria, Benelux as well as the UK.