Invesco Real Estate completes €530m hotel portfolio deal

Invesco Real Estate has closed on the acquisition of a €530 million ($633 million) pan-European hotel portfolio, in one of the industry’s largest pan-European deals of institutional investment into the hotel real estate sector in 2017.

The sellers were funds managed by affiliates of Apollo Global Management.

The portfolio consists of 13 full- and limited-service hotels located across Germany and The Netherlands.

Approximately 85 percent of the portfolio is in locations across Germany (Berlin, Cologne, Dortmund, Düsseldorf, Frankfurt, Hamburg, Heidelberg and Munich) with the remaining 15 percent in Amsterdam. The portfolio is made up of mid-market hotels in city centers of major gateway cities as well as strong secondary cities, most of which operate as seven-day markets, catering to business travellers during the week and tourists on the weekends.

The acquisition was made on behalf of three mandates: Invesco’s newly established open-ended European