Avignon Capital has acquired two hotels in the German cities of Berlin and Frankfurt for €48.5m. Both hotels are let to the European hotel chain Meininger. The acquisition was completed off-market and marks Avignon Capital’s first entry into the hotel market. The 296-room Berlin Meininger comprises 7,487 sqm and is situated directly on Washingtonplatz, near Berlin’s main railway station. The 4,720 sqm Frankfurt Meininger contains 168 rooms and is located in Frankfurt’s Gateway Gardens in the direct vicinity of Frankfurt Airport. Eric Mounier, CEO at Avignon Capital said „The hotels’ exceptional proximity to Berlin and Frankfurt’s prime transportation hubs will be key to the future value and growth of this investment; combined with the stable cash flow from the long-term leases and good covenant strength of the properties, we are delighted with this acquisition.“
