The FINANCIAL -- JLL Hotels & Hospitality Group has exclusively advised AXA Investment Managers - Real Assets, acting on behalf of its clients, for the disposal of the 147-room Suite Novotel Parkstadt Schwabing and the 149-room ibis Parkstadt Schwabing to Aviva Investors Real Estate France, the real estate investment vehicle of the world's fifth largest insurance group Aviva France Group.
Owned by AXA IM - Real Assets, on behalf of its clients, and operated by Accor since 2005, the hotels are located in one of Munich's economically strongest submarkets Parkstadt Schwabing and were sold subject to the existing long-term lease agreement with Accor, according to JLL.
Aviva Real Estate France closed the deal in close collaboration with its strategic partner Algonquin, who will act as future asset manager of the properties.
"The sale was a very competitive process, with strong interest from a number of cross-border investors. With Aviva Investors Real Estate France we again see French capital being invested in the German hotel market", said Stefan Giesemann, Senior Vice President of JLL's Hotels & Hospitality Group. "French investors accounted for almost one third of the total €1.48 million invested into German hotels in 2016. This transaction might be an indication that this trend is continuing in 2017."