The German group Steigenberger has just sold the walls of 4 hotels from its InterCity chain to the investment fund Invesco for 80 million euros.
The investment fund Invesco Real Estate just bought 4 InterCity properties from the group Steigenberger Hotels & Resorts. These hotels are located in Darmstadt, Mainz, Rostok and Frankfurt Airport. The amount of the transaction is valued at 80 million euros for the entire portfolio.
The sale of walls marks the beginning of a "strategic partnership" between the two groups, according the general manager of Steigenberger, Puneet Chhatwal. The hotels continue to be operated by the group under a 30-year hybrid lease, with contractual liabilities for renovation works financed by Invesco for the hotels in Rostock and Frankfurt.
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