Deka checks into four Venice hotels for €200m

German asset manager Deka Immobilien has acquired four hotels in Venice Mestre from Austrian developer MTK for a reported €200 mln.

The 749-key portfolio, which opened in June 2019, comprises a range of properties from budget to four star. They are all operated under 20-year lease contracts.

The properties include the four star superior 244-room Leonardo Royal Hotel Venice Mestre, which also boasts 225 m2 of congress space, and is managed by an Austrian firm.

The other hotels are the 175-room Staycity Venice Mestre, managed by Irish chain StayCity; the 208-room 7 Days Premium Hotel Venice Mestre, a three star managed by a Chinese chain; and the 122-room Wombat’s City Hostel Venice, also managed by a specialist Austrian firm.

The assets were all developed by the seller and are located by the Mestre railway station. MTK invested a reported €70 mln to redevelop the former brownfield railway yards site which covers some 16,000 m2.

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