Invesco Real Estate’s European Hotel Fund (EHF) has made its first acquisition in France with the addition of the upmarket 189-room Radisson Blu in Marseille, France. The off-market acquisition brings the total number of hotels in the fund’s portfolio to 11.
Invesco Real Estate is the USD85 billion global real estate investment business of Invesco Ltd. (NYSE: IVZ). Invesco Real Estate has acquired the hotel from Union Investment for €43.5 million ($50.62 million). The property had been held in one of Union Investment’s open-ended real estate funds for 20 years.
Located in Marseille’s Old Port district, the Radisson Blu hotel underwent a comprehensive refurbishment program last year, including new window insulation and LED lighting. The hotel’s most recent BREEAM certification is Very Good, which is fully aligned with the EHF’s sustainability targets.
Leased to Radisson Hotel Group under a long-term lease agreement, the hotel offers a range of ameni
