Union Investment enters the resort hotel asset class

Union Investment has entered the resort hotel asset class, purchasing a Marriott Bonvoy Autograph Collection boutique hotel on Lake Tegernsee in the Bavarian Alps of southern Germany.

The acquisition is being made on behalf of a special fund from Union Investment. The vendor is a subsidiary of the developer Planquadr.at, a partner company of SORAVIA based in Salzburg. The purchase price was not disclosed.

Work is currently under way on the internal fit-out and is expected to be completed in December. The hotel is scheduled to open in March 2023.“The resort hotel sector has experienced decades of growth. It has shown itself to be crisis-proof and proved its resilience again during the COVID-19 pandemic. New concepts and the ongoing professionalization of operators are making the asset class increasingly attractive as an investment target for institutional investors. Acquisition of this hotel on Lake Tegernsee further diversifies Union Investment’s hotel portfolio,â€