In a deal worth €65m, Union Investment offloaded its Marriott Hotel in Hamburg to UK & European Investments. The German fund acquired the four-star hotel in 2004 for its open-ended real estate fund UniImmo: Deutschland, which now includes six hotel projects in Hamburg and another 39 assets in Europe, and is worth nearly €2.3bn.
“This sale sees us leveraging the current market environment to drive forward the optimization of our fund portfolio, as well as reducing its average age,” said Frank Billand of Union Investment’s management team.
This is the second hotel acquisition for UK & European Investments on the Hamburg market. The London-based investor bought the Intercontinental Hotel in 2012.
