Invesco in €155M Hamburg Hotel Buy

HAMBURG, GERMANY-Invesco Real Estate, the property arm of the US Prudential insurance group, has acquired Radisson Blu Hotel in Hamburg, Germany, for €155 million on behalf of its European hotel fund.

This is the fund’s most significant purchase to date and the result of an earlier forward purchase agreement signed prior to a €50 million renovation, executed by the Luxembourg-based Azure group – a private equity real estate group investing in offices in Germany and the UK. The four-star hotel will continue to be operated by Azure and managed under the Radisson flag by international hotel chain Rezidor. The purchase is in line with Invesco hotel fund strategy of expansion across Europe and is the 12th acquisition for the fund to date, and its third in Germany.

Invesco hotels head Jochen Schaefer-Surén said: “We are particularly pleased to have concluded this acquisition as the Hamburg hotel is not only a flagship property whose quality has been greatly enhanced after its important renovation project, but it is also an asset in a strategic location with unique barriers to entry by additional competitors. It also has the potential to offer attractive returns to the fund and its investors as well as high visibility to the fund and its pan European portfolio of hotels.”