CBRE advises Invesco Real Estate on purchase of 13 Hotels

Frankfurt, 27 September 2017 – CBRE has advised global real estate investment manager, Invesco Real Estate, on the acquisition of a portfolio including 13 hotels for a total of EUR530m. The portfolio includes hotels in Germany and the Netherlands. The transaction is one of the largest pan-European real estate transactions in 2017. After having purchased the then Project Europe portfolio from SITQ in 2015, Apollo Global Management has now decided to sell it. Event Hotels operates all 13 hotels. 

”The portfolio includes attractive hotels branded Crowne Plaza, Holiday Inn and Holiday Express. We expect this to be the largest hotel transaction of 2017 covering properties located in Germany”, says Martin Thom, Senior Director Hotels at CBRE in Germany.

In Germany, the portfolio includes the two Crowne Plaza Hotels Hamburg City Alster and Heidelberg City Centre, the Holiday Inn Munich City Centre and the Holiday Inn Express Hotels Berlin, Cologne-Mühlheim, Cologne-Troisdorf, Dortmund, Dusseldorf, Frankfurt (Airport), Frankfurt (Trade Fair) und München (Trade Fair). In addition, the portfolio includes the Crowne Plaza Schiphol and the Holiday Inn Amsterdam in the Netherlands. 

Four of the properties are part of Invesco Real Estate‘s new open-ended European hotel fund that CBRE will provide valuations for over the next three years. The largest property, the Holiday Inn Munich City Centre, was acquired for EUR187.5m for the Danish pension fund ATP in a joint venture with a Dutch investor. The transaction included three different mandates in total. 

Marc Socker, Managing Director, Hotel Fund Management at Invesco Real Estate comments: “This transaction marks a double-barrelled success for Invesco – not only are we pleased to have secured this high quality portfolio of strong-performing hotels in two of Europe’s strongest economies, but more importantly, we are delighted to welcome new investors to our European business, many of whom are taking their first steps into the European hotel real estate sector. Thanks to CBRE for their hard work and support on this substantial transaction.” 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit our website at www.cbre.com.