Keyword: Union Investment
Union Investment has acquired two hotels in Poland, which are due to be completed in Autumn next year.
Germany's Union Investment is deflagging and renovating the 6,200-square-meter hotel in Berlin's Gendarmenmarkt Square.
Christoph Eichbaum has joined the investment management hospitality team headed by Andreas Löcher.
A new report from Union Investment and Bulwiengesa claims the investable hotel market in Germany increased 9.5 percent in value in 2018.
The hotel will remain open during the project, which is expected to be completed by the end of 2022.
The total value of real estate transactions is expected to exceed €6.3 billion for 2018.
The Charleston, S.C., property, which opened in 2015, comprises an extended-stay Hyatt House and a Hyatt Place.
Germany's hotel market saw a 6-percent boost in 2017 to €52.6 billion, despite the competition from Airbnb.
Following transactions in Warsaw and Gdansk, the Park Inn by Radisson Krakow is Union Investment's third Polish hotel buy in 12 months—and more may be on the way.
The Oregon hotel was purchased for roughly $150 million on behalf of open-ended real estate fund Unilmmo: Global.