Global real estate investment manager Invesco Real Estate has purchased three hotels in Lisbon, Portugal for €313 mln on behalf of two client-pooled and separate account mandates.
According to Invesco, the combined deal represents the largest ever hotel real estate transaction in Portugal, as well as marking Invesco's debut in Portuguese hospitality.
The hotels - Tivoli Avenida Liberdade Lisboa, Tivoli Oriente Lisboa and Avani Avenida Liberdade Lisbon - have been acquired from Minor International (Mint) and will be operated by Mint’s subsidiary company NH Hotels (NHH) through hybrid lease agreements.
'Lisbon is a market with strong growth fundamentals, which we have been monitoring for some time,' said David Kellett, senior director hotel transactions at Invesco Real Estate.
'Our patience has been rewarded with access to this attractive investment opportunity of three high profile and high-quality hotels in strong micro locations,' Kellett added. 'This is our first transaction with Minor International and builds on our long-term relationship with NH Hotels.'
Invesco's European hotel portfolio now stands at 25 investments in eight countries, with over €1.5bn of assets under management.
Invesco Real Estate was advised by TaylorWessing, Cuatrecasas, PwC, JLL, AvisonYoung, B.Prime and CBRE.