Real IS, the property arm of German lender BayernLB, has acquired the nine-story Moons hotel building near Vienna’s main railway station for the individual mandate of a German pension fund.
Financial details were not disclosed.
The building will be added to the specialised institutional real estate alternative investment fund 'Real IS GREF'.
The property was completed in 2020 and includes some 5,460 m2 of leasable space. The hotel provides space for 170 rooms, an indoor and outdoor restaurant with 156 seats, and a rooftop bar with 60 seats.
The hotel company Munich Hotel Partners GmbH (MHP) will lease and operate the hotel at Wiedner Gürtel 16 under the upscale Moons brand.
Axel Schulz, global head of investment management of Real IS, said: 'Acquiring a hotel in the upmarket segment right in the center of Vienna enabled us to take advantage of an attractive opportunity for our individual mandate that fits into our client’s investment strategy.
'The location of the property is very attractive, especially for business and leisure travelers. In general, it can be assumed that the location around Vienna Central Station will continue to develop very positively in the future.'
Real IS was advised on legal aspects of the transaction by the law firm Grama Schwaighofer Vondrak. The tax advisor was TPA. Technical consulting was provided by FCP. Hogan Lovells acted as legal advisor for the lease agreement with Munich Hotel Partners.