Patrizia sells two Holiday Inn hotels in Germany

Frankfurt-listed Patrizia Immobilien has sold two Holiday Inn hotel properties in Essen and Neu-Isenburg on behalf of its special fund Patrizia Hotel-Invest Deutschland I.

Financial details were not disclosed.

The 4-star Holiday Inn in Essen was built in 1996 and comprises 168 rooms, while the 4-star property in Neu-Isenburg, close to Frankfurt Airport, was built in 1994 and has 164 rooms. Both properties underwent renovation in 2013/2014.

'The sale of these assets is part of our portfolio optimisation strategy. The fund now manages €330 mln of hotel assets while, across Europe, Patrizia manages almost €1 bn of assets in the hotel sector making us one of the leading providers in this asset class,' said Jan-Hendrik Jessen, head of fund management operated properties at Patrizia.

Colliers International advised Patrizia.


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