Commerz Real sells two hotels in Munich’s Olympic Park
Commerz Real has sold two Accor hotels in Munich to LaSalle Investment Management for its Encore+ fund: one which is operated by the ibis budget brand with 162 rooms and one by the adagio access brand with 160 rooms. Both are located in Munich’s Olympic Park with the address Am Oberwiesenfeld. Built in 2014, to date they have belonged to the portfolio of the hausInvest open-ended real estate fund. “We have utilised a market situation characterised by high demand on the part of buyers for the benefit of our investors,” explains Dirk Schuldes, divisional head of Hospitality at Commerz Real. Ibis budget is the low-cost brand of Ibis, and adagio access that of Adagio Aparthotels. It was agreed that confidentiality be maintained on the purchase price.
Commerz Real was advised on the transaction by the global real estate service provider CBRE.