Launch of a strategic association “InterCityHotel the perfect brand for customers and investors”
Steigenberger Hotels AG and Invesco Real Estate have co-operated on a strategic transaction that involves an investment volume of approximately €80 million.
The transaction sees Invesco Real Estate purchase four InterCityHotels in Germany. The hotels concerned are the InterCityHotels in Darmstadt and Mainz, the InterCityHotel Frankfurt Airport and the InterCityHotel Rostock.
Both companies have signed a lease with a term of thirty years in respect of these establishments including an agreement to modernise the hotels in Frankfurt and Rostock.
Puneet Chhatwal, CEO of Steigenberger Hotels AG, stated: “InterCityHotel is the perfect brand for customers and investors. Our guests are highly appreciative of the hospitality, quality and value for money we are able to offer. We provide our investors with solidity, stability and a good yield.”
Marc Socker, Senior Director, Hotel Fund Management of Invesco Real Estate added: “We are delighted to have secured this portfolio which fits our strategic focus on strong real estate fundamentals of income-oriented hotel investments in highly accessible locations, on long-term leases with high brand recognition, an important feature within the hotel industry.”
About the Steigenberger Hotels AG
Steigenberger Hotels AG is based in Frankfurt am Main and is one of Europe’s leading hotel groups. Its portfolio currently contains 98 hotels in Germany, Austria, Belgium, Switzerland, the Netherlands, Egypt and China, including 12 establishments that are under construction or in the planning phase. The umbrella brand Steigenberger Hotel Group includes the two brands Steigenberger Hotels and Resorts (individual First Class and Deluxe Hotels) and InterCityHotel (hotels in the upper mid-range category located in the direct vicinity of transport hubs such as railway stations and airports).