The German investment company announced the purchase of the ibis & ibis Budget Wien Messe, the first acquisition outside Germany for its fund UII Hotel Nr. 1 special fund.
The complex that was just bought by Union Investment has a total surface area of 14,777 square meters, 71% of which accommodates the two hotels, 21% offices and 140 parking spaces. The ibis and ibis Budget properties have 158 and 250 rooms respectively, operated by the groupe Accor through a long term lease. The complex was developed by S+B Gamma Immobilienentwicklung GmbH.
"Vienna is an attractive location for hotel investors due to demand from both business travelers and tourists. We are delighted that our long-term relationship with S+B Gruppe has now allowed us to access the high-growth budget segment in Vienna," remarked Dr Christoph Schumacher, a member of the management team at Union Investment.
- Union Investment buys Radisson Blu Amsterdam
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