Invesco sells European hotel portfolio for €415m
Swedish-listed hotels group Pandox has acquired seven hotels properties with a total of 1,744 rooms for €415 million ($440 million). The seller is Invesco Real Estate, on behalf of its European Hotel Real Estate Fund II.
Pandox has entered Austria with two new hotels in Vienna and Salzburg and made its first investment in the Netherlands with one new hotel in Amsterdam. The other four hotels are located in Germany, specifically in Cologne, Frankfurt, Hamburg and Munich, which is also a new city for Pandox.
The hotel sector was the only European real estate sector in which investment volumes increased during the third quarter, according to Real Capital Analytics.
CBRE concludes European hotel transaction volume year-to-date continues to reflect a testing 2016, with volumes down 34 percent compared with the same period of 2015. However, CBRE said the third quarter 2016 was more positive than the opening half of the year, with a –6 percent cha