Courtyard by Marriott Munich City Center goes to Blue Coast Capital
Union Investment has sold the Hotel Courtyard by Marriott München City Center to Blue Coast Capital for around 74.9 million euros. The sales price is slightly higher than the most recently determined expert value. The hotel at Schwanthalerstraße 35-37 has been part of the portfolio of the open-ended real estate fund UniImmo: Europa since 2006.
"The hotel market in Munich showed an impressive performance in 2024. Along with Berlin and Hamburg, the Bavarian metropolis is the hotel real estate market in Germany that is currently attracting the greatest investor interest. We have therefore taken advantage of the current market opportunity and successfully sold the Courtyard by Marriott after a holding period of 19 years," says Andreas Löcher, Head of Investment Management Operational at Union Investment.
The sale is taking place for strategic portfolio reasons, in particular due to the age of the property. It also improves the current liquidity situation of UniImmo: Europa. "The transaction shows that, in addition to classic core products, investors continue to focus on hotel properties with upside potential," said Madeleine Groß, Head of Investment Management Hotel at Union Investment.
Completed in 2006, the Courtyard by Marriott is an upscale hotel with 248 rooms. It is one of the highest-quality and most popular hotels in the hotel and leisure district around Munich Central Station and is particularly popular with foreign guests. From the hotel, important points of the city such as Karlsplatz or the Theresienwiese can be easily reached on foot.
Union Investment was advised by JLL and Hogan Lovells.
Union Investment's Munich hotel portfolio currently consists of seven properties with a value of around 500 million euros.
