Brookfield Property Partners LP and Starwood Capital Group intend to sell German hotels worth around 700 million euros (US$785 million), based on a couple with knowledge of the matter.
The owners have hired JLL and Eastdil Secured LLC to advise on the sale of the 10 hotels, once area of the East German government’s Interhotel chain, said the people, who asked to not be identified because the details are private. The hotels include the 37-story mirror-glass Park Inn on Berlin’s Alexanderplatz, that will apt to be sold separately, among the people said.
Representatives at Brookfield and JLL declined to comment, while those for Eastdil and Starwood didn’t react to a request for comment.
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European hotel deals rose 79 percent to 23 billion euros in 2015 – the most ever – as investors sought to take advantage of rising tourism and steady income provided by overnight stays, based on data published by CBRE Group Inc. Acquisitions in the U.K., Germany and France led the surge, with United states private equity investors leading the list of buyers.
In 2013, Blackstone Group LP decided to sell the properties to creditors – Brookfield, Starwood and iStar Inc. – in a debt-for-equity swap worth about 600 million euros, you aren’t understanding of the problem said at that time. The properties, which include hotels in Dresden and Leipzig, are run under brands including Westin and Radisson.
iStar is no longer committed to the Interhotel properties, an iStar spokesman said by e-mail.
Bloomberg News
