Invesco Real Estate (IRE) has acquired two newly built four-star hotels on Berlin's Alexanderplatz for about EUR 60 mln in a sale-and-leaseback acquisition with Azure Property Group.
Invesco Real Estate (IRE) has acquired two newly built four-star hotels on Berlin's Alexanderplatz for about EUR 60 mln in a sale-and-leaseback acquisition with Azure Property Group.
IRE's second dedicated European hotel fund has acquired the Berlin hotels, bringing its total portfolio to eight assets.
The hotels opened on 1 May 2012 and are let on 20-year hybrid lease agreements to Azure Property Group.
Azure will operate the hotels under franchise agreements with InterContinental Hotels under the Holiday Inn and Indigo brands. The Holiday Inn hotel has 242 rooms and the Indigo hotel comprises 153 rooms.
IRE's two European hotel funds now own 25 mid-market hotels with over 5,500 rooms and valued at EUR 925 mln.
