Commerz Real has launched a €250 million ($283 million) fund for European hotel real estate through its Luxembourg-based company CR Fund Management S.à r.l. The fund, Commerz Real European Hotel Fund, is structured as an open-ended special AIF (alternative investment fund) in the form of an SCA (société en commandite par actions/a partnership limited by shares) under Luxembourg law. The fund is in cooperation with Deutsche Hospitality, the umbrella brand of Steigenberger Hotels AG.
The new fund plans to develop a risk-diversified portfolio of as many as eight three- to five-star hotels from the Steigenberger Hotels and Resorts, Jaz in the City, MAXX by Steigenberger and Intercity Hotel brands in European locations.
Steigenberger Hotels AG is participating with approximately €12 million. A further €92 million are to be acquired from professional and semi-professional investors. This corresponds to an equity capital ratio of about 40 percent.
“With this
