Invesco Real Estate: Hotels acquired in Hamburg and Stockholm for €230mn
Invesco Real Estate is acquiring the Marriott Courtyard Hotel in Stockholm and the Radisson Hotel in Hamburg for its Invesco Hotelimmobilienfonds fund. The total investment volume runs to around €230mn. The hotel in Stockholm is a project; the object in Hamburg will be modernized. Invesco reports that the sellers are the property firms Faktor and Azure, respectively. The Invesco hotel fund, a SICAV issued in Luxembourg, is targeting a portfolio made up of limited service and middle class hotels throughout the European Union focusing on the area where the Euro is the official currency. The total investment volume amounts to approximately €900mn, about half of which is still available for investment.