German institutional investor Deka Immobilien has acquired the IntercityHotel in Graz, Austria for almost €39 mln from German hotel project developer GBI.
Upon completion, the property in Graz is to be integrated into the portfolio of Deka's institutional fund, WestInvest TargetSelect Hotel.
The modern 3-star plus hotel with 229 rooms and 57 parking spaces has been leased long-term to Stag Hotelverwaltungs, and will be operated by Deutsche Hospitality under the IntercityHotel brand. The property has been designed by Matteo Thun architects.
The hotel is expected to open in summer 2020, according to Deka.