Principal Real Estate Europe, the European platform for real estate investments by Principal Global Investors, has commissioned the Hotel Cour des Loges in Lyon, France, on behalf of the Principal Hotel Real Estate Fund II. The hotel was acquired for €24.5 million ($27.1 million).
The seller is a local real estate investor group.
The five-star hotel is located in the heart of the old town of Lyon, in a district declared a World Heritage Site by UNESCO. The Hotel Cour des Loges has 60 rooms, two restaurants, a bar, a spa area, several conference rooms and a hidden garden.
As part of the transaction and its value creation strategy, Principal has signed a long-term lease with the Radisson hotel group and will renovate and then reposition the hotel in cooperation with Radisson under the Radisson Collection brand.
Principal’s Hotel Fund II acquires high-quality three- to five-star hotels in selected locations in major European cities that have significant
