P+P advises Union Investment on acquisition of two planned hotel properties in Munich
Union Investment secures two planned hotel properties from the brands Holiday Inn Express and Hampton by Hilton in Munich on the basis of a purchase agreement. Seller and project developer of both hotels is the Lambert Group. The new buildings at Ingolstädter Strasse 44 near the Domagk Park district and the Allianz Arena will have 528 rooms and are scheduled to be completed by the end of 2021. The future operator of the hotels is Primestar Hotel GmbH, which has concluded a lease agreement with a 25 year term.
The purchase price for the planned real estate is more than EUR 110 million and the purchase is being carried out for the portfolio of the open-ended public real estate fund UniImmo: Global.
P+P Pöllath + Partners advised Union Investment on all tax law matters (including investment tax law) with the following Berlin-based team: