Brookfield Property Partners and Starwood Capital Group plan to sell German hotels valued at as much as €700 million (US$785 million), according to multiple sources who cite two people with knowledge of the matter.
The owners have hired JLL and Eastdil Secured to advise on the sale of the 10 hotels once part of the East German government’s Interhotel chain and now operating under brands such as Westin and Radisson.
The deal reportedly will also include the 37-story mirror-glass Park Inn on Berlin’s Alexanderplatz, which will probably be sold separately, according to the sources.
In 2013, Blackstone Group sold the hotels to creditors that included Brookfield, Starwood and iStar Inc. in a reported debt-for-equity swap valued at about €600 million (US$668 million).