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Union Investment buys Courtyard by Marriott World Trade Center

The German company Union Investment is continuing acquisitions on the American market. Further to its first acquisitions in Boston and Chicago, the group has announced its foray into the New York market with the purchase of Courtyard by Marriott World Trade Center.

The Hambourg-based real estate investment company announced the the purchase of Courtyard by Marriott World Trade Center for 200 M$ for its real estate investment fund Unilmmo Global from the developer Hidrock Properties and the investment fund RFS (Robert Finvarb Companies). It is the third operation by Union Investment this year in the United States. This thirty-floor property is located in the financial district of New York, facing One World Trade Center, in Lower Manhattan. It has 317 rooms, a restaurant with a panoramic view and a fitness center. It is scheduled to open end January 2017.

Andreas Löcher, head of Investment Management Hotels at Union Investment Real Estate GmbH said: "With the three US hotels we have acquired since November 2015 for Unilmmo Europa and Unilmmo Global, we have achieved the desired diversification in terms of location and operator right from the start, thereby replicating the key characteristics of our European hotel portfolio. In the coming years, we intend to tap into new locations for our funds in both America and Europe." Union Investment currently has a hotel portfolio with 60 units for a total of 16,715 rooms.



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