German investor enters NYC hotel market
Following its first hotel acquisitions in Boston and Chicago, Hamburg-based Union Investment has entered the New York City hotel market.
In a deal valued at more than $200 million, Union Investment bought the Courtyard by Marriott World Trade Center for its open-end real estate fund Unilmmo: Global. The sellers were developer Hidrock Properties and investment company Robert Finvarb Cos.
The new acquisition sees Union Investment’s hotel portfolio increase to 60 hotels with a total of 16,715 rooms. In the past six years, the value of the company’s hotel holdings has risen by more than 100 percent, and they are now worth €3.37 billion ($3.5 billion).
New York City remained the top choice this year among foreign investors in commercial real estate, according to the Association of Foreign Investors in Real Estate. New York City is in its seventh year as the prime U.S. city for foreign investors and its third year as the top global city. In