By Riya Makwana2018-07-04T18:07:00
Invesco Real Estate has acquired the Leonardo Royal Munich City Olympiapark hotel for €157m (£138.5m) from Fattal Hotels in a sale-and-leaseback deal.
The four-star hotel opened in 2010 and has 424 rooms is located near the Olympic Park in Munich. There are nine Leonardo hotels in Munich.
As part of the sale, Israeli hotel operator Fattal contracted a lease with the buyer under which the hotel will be leased back to Fattal for 30 years at €7.2m a year in management fees or 32% of the hotel’s revenue turnover, whichever is higher.
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