DEKA ACQUIRES THE INTERCITYHOTEL GRAZ FROM GBI AG

German institutional investor Deka Immobilien has acquired, on a forward-sale basis, the future 229-room IntercityHotel Graz, Austria, from project developer GBI AG for approximately €39 million (€170,000 per room). The property, located next to Graz’s main railway station, is planned to open in summer 2020 and will be operated by Deutsche Hospitality under their IntercityHotel brand. Upon opening, the hotel will be transferred into Deka’s WestInvest TargetSelect Hotel Fund.

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