Invesco acquires Polish hotel on behalf of German mandate
International news
Invesco Real Estate has acquired a 327-bed hotel in Poland on behalf of a German separate account mandate from Granaria Development Gdansk, a partnership between Immobel and Multibud.
The real estate manager said the acquisition of the Cloud One Hotel Gdansk is the first time the client, “a long-standing German separate account mandate”, has diversified into the hotels sector.
Financial details were undisclosed.
The seven-storey hotel located on Granary Island in central Gdansk, completed this year, will be managed by Motel One Group under a 25-year lease.
Tomas Picha, senior director of investment management, CEE at Invesco Real Estate, said: “The Cloud One Gdansk asset has a long lease with a highly attractive yield profile. As such, it represents a compelling investment for our German client while also building further on Invesco Real Estate’s specialist, long-term success in the European hotels sector.