The Marriott Hamburg Hotel has been sold to UK-based property investment manager UK & European Investments for a reported €65 million. It's the company's second hospitality acquisition in the German port city. The seller was Union Investment Real Estate.
The 270-room hotel is located in the inner city a few minutes locations such as the Gaensemarkt, Neuer Wall and Jungfernstieg.
The hotel has been operated by Marriott since it opened in 1988. The purchase marks the second hotel acquisition in Hamburg for UK & European following its 2012 investment in the Intercontinental Hotel and the subsequent sale of the asset to Kuhne Immobilien.
“We are delighted to be back in Hamburg," said Adam Golebiowski, European acquisitions director at UK & European Investments, in a statement. "We see Hamburg as one of the most attractive real estate investment markets in Europe with high liquidity and strong economic fundamentals. The Marriott Hamburg is a rarely available property in an outstanding location, combining strong income yield with significant asset management opportunities in the long term."
UK & European Investments CEO Barney Kelham commented: “We are very pleased with our progress in Europe this year and are on track to achieve our investment objectives. Our focus in 2015 continues to be on key metropolitan areas with opportunities to unlock value over the long-term. Our transaction pipeline in continental Europe is very strong and we expect to invest further in Germany, France and Spain before the end of the year.”