After partnering to launch Primotel Europe last year, the operation is the new fund's first investment in Germany. Opened in 2010 in a 19-storey building located in the heart of the dynamic MediaHafen, the Hyatt Regency Düsseldorf is one of the largest hotel properties in the city.
The Hyatt Regency Düsseldorf has 303 rooms, two restaurants and a bar, overlooking the Rhine river in the MediaHafen neighborhood. The volume of the transaction is said to represent close to 100 million euros. A pioneering area in a destination increasingly popular among hotel investors, the MediaHafen has seen real estate projects multiply, confirming its position as a business centre for one of Germany's leading trade fair cities. The property is located near the historical center of the capital of North Rhine - Westphalia, not far from the iconic Königsallee.
According to François Grandvoinnet, President of Aviva Investors Real Estate France SGP, “the growth of Primotel Europe is perfectly in line with our development strategy for AIREF SGP which is constantly looking for new growth drivers, new asset classes and diversifications. We rely on Algonquin’s unique expertise in the hotel industry to buy strong assets in key cities in Europe. We hope this second acquisition will be followed by some others as we are now looking at further opportunities from France to Central and Eastern Europe.”
A satisfaction shared by Frederic de Brem, Managing Director at Algonquin Management Partners: "Following our previous successful acquisitions together with Aviva France, we are excited to further develop this relationship through the acquisition of the Hyatt Regency Dusseldorf, a leading hotel in a dynamic and growing market. Through this acquisition, Algonquin passed the threshold of 1.5 billion euros AuM with assets in France, Germany, UK, Poland, Belgium and Italy". Algonquin's portfolio now comprises 42 hotels, representing a total capacity of around 7,500 rooms across Europe.
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