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Steigenberger sells four assets to Invesco

Invesco Real Estate, London, has acquired from Steigenberger Hotels a portfolio of four mid-market InterCityHotels across Germany for €80 million (US$110 million) on behalf of a new UK institutional mandate, which is focused on investing in long-leased, income-oriented assets.

Both companies have signed a lease with a term of 30 years in respect of these establishments, including an agreement to modernize the hotels in Frankfurt and Rostock. The other hotels are located in Darmstadt and at Frankfurt Airport. The hotels were an off-market transaction involving three individual vendors.

Marc Socker, senior director of Hotel Fund Management at Invesco, said, “Our research suggests that the German hotel market is currently one of the strongest hotel real estate investment markets in Europe, thus cementing our decision to buy what we believe are the right assets in the right market, at the right time. The acquisitions also benefit from local demand growth, and the added benefit of large conference facilities.”

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