PATRIZIA acquires Munich’s boutique Ruby Hotel
PATRIZIA Immobilien AG announces that it has acquired the new Ruby ‘Lilly’ Hotel in central Munich from Art-Invest Real Estate. The eight-storey, 5,200-square-metre property, acquired for PATRIZIA’s Hotel-Invest Deutschland fund, was converted from an office and extensively modernised in 2016, and reopened in February this year. The operator, Ruby Hotels & Resorts, is committed to a 25-year lease.
- Centrally located, 174-room hotel
- 25-year lease with operator Ruby Hotels & Resorts
- Acquisition takes PATRIZIA’s hotel property portfolio to EUR 700 million
Douglas Waibel, Associate Director Commercial Transactions at PATRIZIA, says he is delighted that PATRIZIA has been able to acquire this hotel in what is Germany’s most sought-after hotel market. “The property sits in a high-performing location and offers an innovative operating concept. With its impressive guest reviews, the Ruby ‘Lilly’ Hotel has become one of Munich’s most popular hotels in just a few months,” explains Waibel.
The hotel is located on Stiglmaierplatz, a short walk from Munich’s main railway station, in an area popular with business travellers and tourists. A slim and efficient boutique hotel, it boasts an elegant yet homely design throughout its 174 rooms which appeals to modern city visitors. The property also offers 29 parking spaces.
PATRIZIA has been steadily expanding its commitment to the hotel asset class, with a particular focus on business and budget hotels. The addition of boutique and themed hotels creates an optimal mix in PATRIZIA’s hotel portfolio which, with this latest acquisition, has a value of EUR 700m.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth almost EUR 20 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.