Atream, a French investment manager, has acquired a hotel located in Aschheim, near Munich, from HIH Invest Real Estate GmbH, on behalf of a closed-end fund.
The hotel, with a total rental area of 3,912 square meters, of which 3,642 square meters are used for hotel purposes, is leased to AccorInvest Germany and operated under the ibis budget concept.
Built in 2007, the hotel offers 150 rooms and parking facilities, including 33 outdoor spaces and 51 underground parking spots. The mixed-use building also includes a 270-square-meter commercial space and has been partially renovated since 2019.
The transaction was advised by BNP Paribas Real Estate, with legal advice provided by Norton Rose Fulbright. The sale price has not been disclosed.
“Previous years have been very challenging for the hospitality sector. Trade fair hotels, in particular, had to cope with a dramatic decline in guests during the coronavirus pandemic. Thanks to ongoing modernization efforts, the hotel has been targeted to meet the preferences of hotel guests and has gained a strong market position. Together with the renowned tenant, this has significantly increased the property’s attractiveness and contributed to the successful sale. This is proof of the success of our strategy to closely align investment and asset management.” – Daniel Asmus, Head of Transaction Management Office Germany at HIH Invest Real Estate.
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