Commerz Real Institutional Hotel Fund, which plans to invest around €2bn globally, has bought a hotel complex in Lisbon from the project developer Turismadeira for an undisclosed sum. The latest transaction is the fourth for the fund.
The asset is made up of the four-star hotel DoubleTree by Hilton Lisbon, Fontana Park and an extension currently under construction.
The existing seven-storey hotel has 146 rooms and 62 car parking spaces, as well as conference areas, two restaurants, a bar and a fitness zone.
Following completion in 2020, the extension development is to have 80 suites and 40 car parking spaces.
Commerz Real said it has agreed a 20-year triple-net leasing agreement with Fontana Hotels, which is operating the hotel with Hilton as the manager.