Brookfield Property Partners LP and Starwood Capital Group are reportedly in the process of selling German hotel portfolio, according to Reuters, in a deal valued at as much as €700m. Citing undisclosed sources, the agency wrote that the companies have appointed JLL and Eastdil Secured as brokers for the sale of the portfolio, which comprises 10 hotel projects that were once part the East German government’s Interhotel chain. The Park Inn hotel on Berlin’s Alexanderplatz is part of the portfolio, however one source claims this is to be sold separately. JLL and Eastdil Secured LLC refused to comment on the reports.
Brookfield, Starwood and iStar took over the portfolio from Blackstone Group LP in 2013, as part of a €600m debt restructuring deal. According to iStar spokesman, the company is no longer invested in the Interhotel portfolio.
