Foreign Property News | Posted by Si Thu Aung
Munich-based Wealthcore Investment Management has joined forces with a consortium of Korean investors including Hana Financial Investment to acquire the Hilton Parkview hotel in Vienna for €370 million ($414 million), according to an announcement by the German firm.
Wealthcore and Korean asset manager Mastern Investment Management, which acted on behalf of Hana Financial, Meritz Securities and NH Investment & Securities, acquired the hotel from two Austrian family offices represented by Vienna-based Invester United Benefits.
The acquisition of the 571 room property, which is the largest hotel in Austria and the third-largest Hilton hotel in Europe, comes just one month after a pair of transactions in Europe saw real estate assets valued at more than $1 billion snapped up by Korean investors.
“Vienna as a hotel and congress location is prospering and continues to attract international companies, investors and tourists,” said Christoph Wendl, the managing partner of asset manager Wealthcore, which has transacted €3 billion in deals in Europe on behalf of German and international investors since four former fund managers from Munich-based Real IS Investment started the firm last year.
Wendl said that the 44-year-old Hilton Parkview was a solid and high quality long-term investment in a highly competitive environment. The 50,000 square metre (538,195 square feet) hotel, which has been operated by Hilton for more than 40 years, is currently undergoing a €75 million refurbishment and extension programme that will add a further 81 rooms to its current tally of 571.
Ref: Property Report
