Covivio continues its plan to sell €1.5 billion of assets by the end of 2024. Its subsidiary Covivio Hotels has sold the Pullman Newa hotel in Dresden, Germany. The 4-star hotel was sold for €30.5m to Iremis, a Luxembourg-based fund manager specialized in real estate investment, founded by Jochen Schäfer-Suren and Jos Short.
Iremis carried out this transaction on behalf of its "Iremis Hotel Real Estate Fund I", dedicated to European hotel real estate, and aimed at acquiring high-quality city-center hotels ideally located in the euro zone. This is the fund's first acquisition.
The hotel comprises 319 rooms, a restaurant, several meeting rooms and other facilities. It will be renovated and operated under a long-term lease with the Barceló hotel group, which operates over 300 hotels worldwide. The hotel will initially be operated under the Occidental Hotels & Resort brand and named Occidental Dresden Newa, while benefiting from substantial renovation, and will then be operated under the Barceló Hotels & Resort brand.
" The Pullman Newa Hotel in Dresden is an iconic hotel and an excellent first acquisition for our Iremis Hotel Real Estate Fund I," emphasizes Peter Lenhardt, Head of Iremis hotel and leisure division. "We are grateful to Barceló, one of Europe's leading tourism groups with a very strong commitment, for partnering us in both renovating and operating this hotel. The location, combined with the quality of the asset and the potential of the planned renovation and repositioning, is exactly the type of hotel investment Iremis is looking for. In fact, we are always on the lookout for other hotel investments for our fund."