{"id":1004144673,"date":"2016-05-25T02:45:16","date_gmt":"2016-05-25T10:45:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144673"},"modified":"2020-04-13T00:06:27","modified_gmt":"2020-04-13T08:06:27","slug":"starwood-brookfield-sell-german-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-brookfield-sell-german-hotel-portfolio\/","title":{"rendered":"Starwood, Brookfield Sell German Hotel Portfolio"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Park<\/a>

Park Inn by Radisson Hotel Berlin Alexanderplatz<\/p><\/div>\n

Berlin<\/strong>\u2014Starwood Capital Group<\/a> and Brookfield Property Partners<\/a> will soon hand over 4,131 keys in Germany\u2014keys to hotel guestrooms, that is. The partners recently signed on to sell the nine-property Interhotel portfolio to FDM Management, an entity formed by Fonci\u00e8re des Regions and institutional investors. And the sale price is: undisclosed.<\/p>\n

Sited in leading cities across Germany, the Interhotel portfolio consists primarily of Westin, Park Inn, Ibis and Radisson Blu properties, with two other brands completing the list of flags, and 157,000 square feet of retail space serving as the icing on the cake. The star of the group is the Park Inn by Radisson Berlin, which features 1,012 guestrooms, an address on coveted Alexanderplatz and the distinction of being the tallest occupiable building in Berlin. And the upper-upscale Westin Grand Berlin, Westin Leipzig and Westin Bellevue Dresden are also part of the package.<\/p>\n

Starwood Capital\u2019s history with the collection goes back to 2012, when its managed fund, Starwood Distressed Opportunity Fund IX, snapped up a sizable interest in the senior debt secured by the Interhotel portfolio following the commencement of insolvency proceedings. Then came SOF IX\u2019s acquisition of a 50 percent share in the portfolio\u2019s junior C note. The purchase, like the acquisition of the senior debt stake, was made at a discount. Starwood Capital wanted more and later established a joint venture with Brookfield, a co-owner of the junior C note, in a 50\/50 partnership to bid on the properties at auction.\u00a0 In 2015 the partners became full owners of the group of hotels. As noted on global law firm Linklaters\u2019 website, Starwood Capital and Brookfield secured \u20ac325 million ($364 million) in financing to fund the deal.<\/p>\n

“Due to our combination of hospitality and financial expertise, we were able to identify and unlock the value of a high-quality hotel portfolio in strong German markets with multiple branding and development options,” Nick Chadwick, vice president at Starwood Capital, said in a prepared statement. “In particular, we are proud that we recognized the potential of Berlin, one of the world’s most dynamic capital cities, as a high-growth hotel and retail market.\u201d<\/p>\n

Starwood Capital and Brookfield are staying mum on just how much the portfolio fetched, but given the state of the hotel market in Germany, the partners are more likely to have fared well in the deal than not. According to a recent hospitality report by PwC, Germany represents roughly 20 percent of business travel activity in Western Europe and with the figure on track to increase in 2016, \u201cit\u2019s no wonder Germany is becoming one of Europe\u2019s most attractive investment markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture partners will hand over a 4,131-key portfolio to FDM Management.<\/p>\n","protected":false},"author":969,"featured_media":1004144675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21751,16,21783,21742],"tags":[],"class_list":["post-1004144673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-hotel","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"\nStarwood, Brookfield Sell German Hotel Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-brookfield-sell-german-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood, Brookfield Sell German Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"The joint venture partners will hand over a 4,131-key portfolio to FDM Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/starwood-brookfield-sell-german-hotel-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-25T10:45:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-13T08:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Park-Inn-by-Radisson-Hotel-Berlin-Alexanderplatz.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"676\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/starwood-brookfield-sell-german-hotel-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/starwood-brookfield-sell-german-hotel-portfolio\/\",\"name\":\"Starwood, Brookfield Sell German Hotel Portfolio - 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