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Al Zaman Group acquires IntercityHotel portfolio from Invesco Real Estate

Oman based investor’s group led by Al Zaman Group has acquired a portfolio of four IntercityHotels across Germany (Mainz, Darmstadt, Rostock and Frankfurt Airport) sold by Invesco Real Estate.

Al Zaman Group is an organization with real estate investments in MENA (Middle East and North Africa), Europe and Asia. The group invested regularly in different sectors and industries, including hotels. As owner of the first IntercityHotel in the Netherlands, Al Zaman already knows the brand well.

Zaman Group President, Mohammed Zaman, commented: "We have found a reliable and business-oriented hospitality partner with Deutsche Hospitality. This transaction contributes positively to the planned growth of our hospitality led investment portfolio."

Tawfiq Al Muzaddid, Head of European Real Estate, added: "Al Zaman has been attracted to European hospitality real estate for quite some time. Our investment strategy is on new or recently renovated hotel assets operated by established international operators in central locations offering stabilized incomes under long-lease income models [...]".

Hans-Peter Hermann, Senior Director of Asset Management Hotels at Invesco Real Estate, commented: "The successful sale of the IntercityHotel portfolio confirms the continued market demand for high quality hotel assets in Germany [...] We plan to expand our presence in the hotel sector on behalf of our existing investment mandates.

The parties agreed to maintain confidentiality about the purchase price.

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