The Danish pension fund ATP and a Dutch institutional investor have acquired the Hotel Holiday Inn Munich City Center in a joint venture for €187.5m.
Global investment manager Invesco Real Estate will serve as the asset manager of the hotel.
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The transaction is primarily shared between ATP and the Dutch institutional investor, which is represented by CBRE GIP.
The 582-room Hotel Holiday Inn Munich City Center is backed by a long-term rental agreement and is operated and leased by Event Hotel Group in Germany.
Located in the Haidhausen district and close to the city centre of Munich and the S-bahn, the four-star hotel offers conference facilities with a capacity to host up to 600 people.
Other amenities include a restaurant as well as underground parking facilities.
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By GlobalDataOriginally built in 1973, the hotel was fully refurbished in 2004-2006. In the next three years, the rooms are planned to be renovated.
ATP Real Estate CEO Michael Nielsen said: “We see the Munich hotel investment as a great opportunity to leave another footprint in the German real estate market.
“The asset’s prime location will ensure a stable return on a long-term basis benefitting our members.”
ATP Real Estate is a subsidiary of ATP and invests in directly as well as indirectly held real estate as-sets on behalf of ATP.
