PATRIZIA sells two Holiday Inn hotels
The sale is part of the optimisation of the portfolio.
- 4-star hotels in Essen and Neu-Isenburg
- PATRIZIA manages around EUR 1 billion of hotel assets across Europe
Augsburg, 4 February 2019. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has completed the disposal of two Holiday Inn hotel properties in Essen and Neu-Isenburg on behalf of its special fund ‘PATRIZIA Hotel-Invest Deutschland I’.
The 4-star Holiday Inn in Essen was built in 1996 and offers 168 rooms. The property in Neu-Isenburg, also 4-star rated, was built in 1994 and has 164 rooms. Both properties underwent renovation in 2013/2014.
Jan-Hendrik Jessen, Head of Fund Management Operated Properties at PATRIZIA, commented: “The sale of these assets is part of our portfolio optimisation strategy. The fund now manages EUR 330 million of hotel assets while, across Europe, PATRIZIA manages almost EUR 1 billion of assets in the hotel sector making us one of the leading providers in this asset class.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager on the European real estate market for over 35 years. PATRIZIA’s range includes the purchase, management, value increase and sale of residential and commercial real estate on its own licensed investment platforms. As the global partner of real estate investments in Europe, the company operates throughout Europe for both large institutional investors and private investors. At present, PATRIZIA manages real estate assets worth around EUR 40 billion, primarily as a co-investor and investment manager for insurance companies, pension fund institutions, sovereign funds, savings banks and cooperative banks. Further information can be found at www.patrizia.ag.
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