Union Investment buys US dual branded property

George Sell By George Sell
11 October 2018 | Updated 11 October 2018

US: German investor Union Investment has acquired a dual branded Hyatt property in Charleston, South Carolina.

Opened in 2015, the property is located on King Street and comprises a Hyatt House aparthotel for extended-stay guests, and a Hyatt Place hotel. The two brands offer 304 rooms in total. Hyatt House accounts for 113 of the rooms in the hotel property. Hyatt Place has 191 rooms, plus around 800 square metres of conference space. The additional facilities, such as a fitness centre, swimming pool, market and rooftop bar, can be used by all hotel guests.

The vendor of the property is Regent/BN Charleston Holdings LLC. The hotels are leased for 30 years to the operator, the Pyramid Hotel Group. The purchase price was not disclosed. Union Investment, the investment arm of Frankfurt-based DZ Group, is adding the property to the portfolio of its open-ended real estate fund UniImmo: Global.

"Having bought two first-class lifestyle hotels in Portland, Oregon and Washington DC at the start of the year, we are continuing our programme of acquiring US hotels. The Hyatt House also marks the first time we have acquired a fully operational apartment hotel. This once again demonstrates our openness to new hotel formats, assuming they offer long-term success," said Andreas Löcher, head of investment management hospitality at Union Investment Real Estate GmbH. "The combination of the two hotel formats and the location in Charleston meets our high standards. The new acquisition is thus a perfect fit with our high-quality hotel portfolio."

Union Investment now holds six hotel properties in the US and one new-build development project across seven locations, with a total value of more than €1 billion.

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