In Germany, the Maritim Hotel Dresden is set to be sold to Singapore-based Frasers Hospitality Real Estate Investment Trust for €58.4 million. The purchase is notable as Frasers Hospitality Trust's first hotel asset in Germany, as well as its first purchase from a third party.
"Dresden is a key German city largely driven by high technology sectors and the city center has limited hotel developments, thus making this a rare opportunity to buy a prime property in an attractive market," Eu Chin Fen, CEO of the REIT manager, said in a statement. "The acquisition provides income diversification and with the Maritim master lease arrangement, it also adds stability to our earnings base."
Maritim Hotel Dresden is a freehold, 328-room hotel in the eastern German state of Saxony. The property is close to the Dresden International Congress Centre, the trust said, boosting the property's value as a business-focused hotel.
Source: Business Times