Brookfield, Starwood Planning Sale of 10 German Hotels
Brookfield Property Partners and Starwood Capital Group are planning to sell 10 German hotels valued at $785 million, Bloomberg reported, citing two sources close to the situation.
The hotels were once part of the East German government's Interhotel chain.
Berlin's 37-story Park Inn is said to be among the 10 available properties, but will likely be sold separately, according to sources. The four-star high rise is run under Radisson and is hard to miss given its mirror-glass construction.
Brookfield and Starwood have hired JLL and Eastdil Secured to advise them on the sale.
The rumor of a potential sale comes nearly three years after the Blackstone Group sold the hotels to Brookfield, Starwood and iStar in a debt-for-equity deal valued at $668 million. However iStar is no longer invested in the hotels, a spokesman for the company told Bloomberg.
The portfolio of properties span all over Germany and operate under brands including Westin and Radisson.
Bloomberg reported European hotel deals climbed 79 percent to a record $25.6 billion last year.
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