Swedish Real Estate investment firm Fastighets AB Balder has acquired a portfolio of seven German hotels from Thailand-based Fico Group for 58 million (69,000 per key).
The 842-room portfolio compromises two hotels in Berlin and one each in Leipzig, Erfurt, Gelsenkirchen, Malente and Bad Oldsloe.
The properties, branded under the Ibis, Tryp by Wyndham and Days Inn flags and managed by Grand City Hotels, were part of an 80 million portfolio that Fico acquired from Grand City four years ago for 80 million.
Following the sale, Swedish operator Ligula Hospitality will operate the properties under 20-year lease contracts, reportedly generating an annual rental income of 4.3 million (indicating a yield of 7.4%).
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