The Hyatt Regency Düsseldorf (Germany) has been sold for €100 million to the European hotel fund Primotel Europe, which was launched by Aviva Investors Real Estate with the Belgian company Algonquin late last year.
When completed, the sale is expected to be the biggest individual transaction on the German hotel market so far this year. (To date, the biggest hotel portfolio deal was the purchase of the Interhotel-package to the French FDM Management for approximately €800 million.)
This will be the second acquisition for the hotel fund, which targets hotels in major European cities. Aviva and Algonquin (minority investor) plan to invest €240 million within three years. The fund started last year in December with the purchase of two Brussels hotels, the Renaissance Brüssel and the Marriott Executive Apartments close to the European Parliament, for approximately €40 million.