HAMBURG HOLIDAY INN DEVELOPMENT DEAL FOR UNION INVESTMENT

Union Investment has acquired a Holiday Inn development in Hamburg from TAS Group for an undisclosed sum, its second forward purchase of a Holiday Inn development in the north German city within a month. The group’s latest purchase is the 300-room, 18-storey Holiday Inn Hotel City Nord. The ownership transfer is expected to take place during the second quarter of 2017 and the 13,500 m² hotel will be leased and operated by Realotel Hamburg Betriebs GmbH under a franchise agreement with InterContinental Hotels Group.

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