European hotel specialist Art-Invest Real Estate has purchased the Courtyard by Marriott Vienna Prater from Deka Immobilien.
The 251-room hotel in the Viertel Zwei quarter was acquired as part of a share deal for the Core Budget Hotel Fund. It is the fund’s first Austrian investment. The price has not been revealed.
The hotel features a bar and restaurant, conference rooms and a fitness and sauna area. It has a BREEAM Excellent rating for sustainable construction.
The Courtyard by Marriott Vienna Prater hotel is operated by the Borealis Hotel Group on a long-term lease.
Courtyard by Marriott Vienna Prater has balanced demand mix
Managing Director Dr Peter Ebertz says, “With the acquisition of the Courtyard by Marriott, we are expanding our portfolio with an established hotel with a balanced demand mix in a very good location in Vienna. With our active investment approach, we want to leverage various potential for long-term value creation. We are also strengthening the international focus of Art-Invest’s hotel activities, which we will continue to expand.”
Mark Leiter, Managing Director at Art-Invest Real Estate, adds: “We are delighted that this purchase has enabled us to expand our existing office and residential property portfolio in Vienna to include the hotel asset class. Austria is a very attractive market for us.”
The Core Budget Hotel Fund plans to keep the property in the portfolio for the long term.
Art-Invest Real Estate was legally advised by Barnert Egermann Illigasch Rechtsanwälte GmbH and Forvis Mazars GmbH & Co. KG, technically by DELTA Projektconsult GmbH and commercially by Hotour Hotel Consulting. The transaction was brokered by EHL Investment Consulting GmbH.
Art-Invest Real Estate is a long-term investor, asset manager and project developer of real estate in strong locations with value creation potential. The focus is on the metropolitan regions in Germany, Austria and Great Britain. It pursues a “manage to core” investment strategy with institutional investors, selected joint venture partners and its own capital.
The company manages a portfolio of around 40 hotels in several investment vehicles with a total volume of around 1.5 billion euros.
Art-Invest Real Estate recently bought the Living Office in Düsseldorf for an undisclosed sum.
