Investment

Westmont and Invesco seal European hotel deal

Hotel owner and operator, Westmont, has agreed a deal with Invesco Real estate that will see it take over the operations of a portfolio of 13 IHG branded hotels in Germany and the Netherlands.

Westmont will act as the tenant of the portfolio, as well as co-invest with Invesco’s clients in the property-owning companies.

"The hotel sector has been significantly disrupted by the Covid-19 pandemic, but there remains a strong, long-term investment case for the hospitality sector as markets recovers from the pandemic,” David Kellett, Senior Director – Hotel Transactions of Invesco Real Estate, said.

Invesco acquired the portfolio of 13 IHG-branded hotels in 2017.  The hotels include Holiday Inn Express, Holiday Inn and Crowne Plaza branded properties. Approximately 85% of the assets are located in Berlin, Cologne, Dusseldorf, Frankfurt, Hamburg and Munich, with the remaining 15% in Amsterdam. The portfolio also includes one of the largest hotels in Germany, the Holiday Inn "Munich City Center" with nearly 600 rooms.

The deal follows the insolvency of operator Tidal Operations Germany last year.