Principal Real Estate Europe sells three hotels

Principal Real Estate Europe has sold three hotels, including hotels in Amsterdam and Nuremberg, Germany, for €122.5 million ($139 million) on behalf of its first hotel fund, the Principal Hotel Immobilien Spezialfonds.

The INK Hotel MGallery by Sofitel in Amsterdam, which was acquired in 2012 in a sale-leaseback transaction with Accor, was sold to a fund managed by Amundi Immobilier for more than €60 million ($68 million). The four-star hotel consists of 148 rooms, a bar and a restaurant, as well as a conference room and a fitness center. It is located in the heart of Amsterdam and was renovated in 2015 by Principal Real Estate Europe. Since the renovation, the hotel has received several design awards, including "Luxury Boutique Hotel 2017" and "Luxury Design Boutique Hotel 2017."

The Park Inn Hotel in Nuremberg, which was also acquired by Principal Real Estate Europe in 2012 and renovated in 2015 and 2016, offers guests 148 rooms, seven conference rooms, a fitness center and a spa. The hotel was sold to SCPI Atream Hotels, which is managed by Atream, for €23.5 million ($27 million).

Since its first closing in 2012, Principal Hotel Immobilien Spezialfonds has followed a core/core-plus strategy. With the fund now in its seventh year, a phase of selective sales has begun to crystallize the value created for investors.