JER Partners has made its debut purchase in the German hotel market by buying the Marriott hotel in Munich.
The property, which includes 348 rooms, nine conference rooms, a grand ballroom and three restaurants, changed hands for an undisclosed sum. The deal was concluded on behalf of JER Partners’ Europe Fund III, which closed in June 2007, with E809m (£603m).
Malcolm Le May, President, JER Europe commented: ‘This acquisition will enable JER to apply its knowledge of the international hotel sector to a thriving market. The robust German economy and an increase in international tourism have led to a recovery in this previously stagnant sector.’
‘The market in Munich, which has a large business community as well as trade fairs and leisure opportunities, has experienced particularly strong growth. JER will use its extensive experience to reposition the hotel to achieve its full potential.’