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BlackRock Real Estate today announced the signing of the purchase agreement for the acquisition of the Excelsior Hotel in Munich for an undisclosed purchase price.
The acquisition is to be made through funds from BlackRock's value-add strategy, which actively invests in sectors such as logistics and data centers in key European markets.
The Excelsior Hotel has been owned by the renowned Geisel hotelier family since the mid-1930s and is widely regarded as one of the leading boutique hotels in Munich. It has 114 high-quality rooms and suites, five conference rooms and several gastronomic establishments, including the Vinothek restaurant.
The hotel is located on Munich's Schützenstraße, within walking distance of Munich Central Station and the Stachus shopping arcades, Europe's largest underground shopping centre.
Björn Rasche, Head of Real Estate Germany and the Netherlands, commented: "We are pleased to acquire one of the established hotel properties in Munich for our clients and thus further expand our real estate presence in Europe. As one of Germany's most popular travel destinations, the demand for high-quality hotels in the city is extremely high, and at the same time such properties are rarely available. We look forward to working with the team at Excelsior to continue to provide guests with an outstanding hotel experience in the future."
