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.