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FDM buys 18-hotel European portfolio

A subsidiary of French real estate investor Foncière des Régions paid €936 million (US$1.05 billion) for two hotel portfolios totaling 18 hotels in Europe.

Hotel operator FDM Management bought the two portfolios, which consist of nine hotels in Germany, seven in France and two in Belgium, according to Thomas Daily News of Germany.

The Interhotel portfolio was sold by a consortium of Starwood Capital Group and Brookfield Property Partners. Terms of the transaction, which is expected to be completed in August, were not disclosed. The portfolio comprises nine hotels with 4,131 keys and retail totaling approximately 157,000 square feet located in Leipzig, Dresden and Berlin. Six brands are represented, such as Westin, Ibis, Radisson Blu and Park Inn, and will be managed by Event Hotels. It includes the 1,012-room Park Inn Berlin.

The second package comprises nine mid-level and luxury hotels in France and Belgium with a total of 650 rooms under the Autograph Collection, Best Western, Crowne Plaza, and Holiday Inn brands.

The acquisitions bring FDM’s portfolio up to more than €1.1 billion (US$1.23 billion).

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