Schroders Capital has completed the purchase of a three-hotel complex in Berlin.
The complex comprises three properties: the Holiday Inn Hotel, the Indigo Hotel and the One80° Hostel, totalling 527 rooms and located on Alexanderplatz, one of the main public squares in the city.
The deal also involves Capital France Hotel, a hotel investment vehicle managed by Schroders Capital’s real estate hotels team.
The two hotels will be leased to Premier Inn, part of the Whitbread Group, and will undergo an extensive renovation program to become one of the brand’s flagships in Europe.
The hostel will continue to be operated by the seller under a long-term lease agreement.
Capital France Hotel already owns several hotels in Europe’s main strategic destinations, including the Pullman Bercy Paris, the Westin Palace Milan, the Saint Regis Venice, the Radisson Paris Boulogne and the Marriott Monaco Cap d’Ail.
“Schroders Capital’s real estate hotels team is excited to start working with Whitbread on this first project. We have been very impressed by the success of the Premier Inn brand, first in the UK and now in Germany. Their unique know-how in hotel management and marketing has been instrumental in this achievement,” Stéphane Obadia, head of hotel investments, at Schroders Capital, said.
“Schroders Capital is proud to support Premier Inn’s strategic growth in Germany by acquiring the brand’s flagship site in a prime location in Berlin. This acquisition, completed in a time frame of only five weeks, also demonstrates our commitment to delivering and conducting transactions in the most efficient and straightforward way.”