Commerz Real sells two hotels in London to Accor spv
Commerz Real has sold two hotels, at 46-47 Blackfriars Road, London, to a special-purpose vehicle of Accor HotelInvest UK Limited. Both properties – a four-star Novotel with 182 rooms and a two-star Ibis with 297 rooms – have been operated by Accor since they opened. It was agreed that confidentiality be maintained on the purchase price. Commerz Real acquired the development in 2010 for Hausinvest, its open-ended real estate fund.
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Blackfriars Road is located in Southwark, south of the Thames. This borough has seen significant improvements in recent years, including the construction of The Shard, the tallest building in the UK, and the addition of a large number of tourist and cultural attractions. “These positive developments helped us secure an extremely attractive profit for our investors,” states Dirk Schuldes, Global Head of Hospitality at Commerz Real.
Norton Rose Fulbright provided Commerz Real with legal advice for this transaction.