Investment in the Media Harbour district highlights the increasingly dynamic economy of Düsseldorf and strengthens the common strategy of Aviva France and Algonquin and to develop together in buying major hotels in European gateway cities.
Investment in the Media Harbour district highlights the increasingly dynamic economy of Düsseldorf and strengthens the common strategy of Aviva France and Algonquin and to develop together in buying major hotels in European gateway cities
Paris, July 20th, 2016 – Primotel Europe, through its founding partners Aviva France and Algonquin, today announced the purchase of the Hyatt Regency Düsseldorf, located in the Media Harbour district of the city. Opened in 2012, the Hyatt Regency is the leading five-star hotel in Dusseldorf, with 303 rooms in one of the most prominent buildings in Düsseldorf and a highly visible location overlooking the Rhine and city center.
Following the first investment in December 2015, through the acquisition of two hotels in Brussels, the Renaissance Brussels and the Marriott Executive Apartment Brussels, Primotel Europe and Algonquin have jointly acquired their first asset in Germany.
Düsseldorf is a major trade and exhibition hub, the Messe area is the second largest in Germany after Hamburg. Recently, the city has become a hub for media, telecoms, and advertising industries, with much of this growth focused in the modern Media Harbour District where the Hyatt Regency is located.
François Grandvoinnet, President of Aviva Investors Real Estate France SGP (AIREF SGP), manager of Primotel Europe:
“The growth of Primotel Europe is perfectly in line with our development strategy for AIREF SGP which is constantly looking for new growth drivers, new asset classes and diversifications. We rely on Algonquin’s unique expertise in the hotel industry to buy strong assets in key cities in Europe. We hope this second acquisition will be followed by some others as we are now looking at few opportunities from France to Eastern Europe…”
Frederic de Brem, Managing Director, Algonquin Management Partners:
“Following our previous successful acquisitions together with Aviva France, we are excited to further develop this relationship through the acquisition of the Hyatt Regency Dusseldorf, a leading hotel in a dynamic and growing market. Through this acquisition, Algonquin passed the threshold of €1.5bn AuM with assets in France, Germany, UK, Poland, Belgium and Italy”.