Fonciere des Regions Acquires 18 European Hotels for $1 Billionby
A unit of French landlord Fonciere des Regions is buying 18 European hotels for 936 million euros ($1 billion), including the Park Inn on Berlin’s Alexanderplatz.
FDM Management is acquiring nine German properties in Berlin, Dresden and Leipzig and nine assets in France and Belgium, FDM said in a statement on Friday. The German properties were being sold by Brookfield Property Partners LP and Starwood Capital Group, people with knowledge of the matter said in February.
“With these two major transactions, we are entering high-growth markets in partnership with the main international operators,” FDM Chairman Dominique Ozanne said in the statement. The properties are run under brands including Marriott International Inc., Starwood Hotels and Resorts Worldwide Inc. and InterContinental Hotels Group Plc, he said.
European hotel deals rose 79 percent to a record 23 billion euros in 2015 as investors sought to take advantage of rising tourism and steady income provided by overnight stays, according to data compiled by CBRE Group Inc.