Union Investment Real Estate, a Hamburg, Germany-based real estate investment firm specializing in making investments in budget and midscale hotel real estate, has acquired the Andel's Hotel in Berlin for 105 million euros. The seller is Warimpex and UBM.
The acquisition by Union Investment, which is scheduled to be completed by the third quarter, is its eighth in Germany's capital. The firm's Berlin portfolio also includes the InterContinental, the Radisson Blu and the Pullman Berlin Schweizer Hof.
Vienna International Group had been managing the hotel and will reportedly continue to do so.