Innovative Real Estate Management and Investment Solutions
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IREMIS announces acquisition of the Pullman Hotel in Dresden
November 05, 2024 / By webmaster
Luxembourg – IREMIS, the Luxemburg based specialist real estate investment manager, announces the acquisition of the Pullman Hotel in Dresden from Covivio Hotels on behalf of its IREMIS Hotel Real Estate Fund I for around € 30.5 million. The hotel will be renovated and operated under a long-term lease with the Barceló Hotel Group.
The 4 star hotel has 319 rooms, a restaurant, several meeting rooms and customary facilities.
IREMIS is delighted to announce this first acquisition of the IREMIS Hotel Real Estate Fund I, as this transaction reflects the fund’s strategy to secure high quality hotel real estate offering value add opportunities in prime locations in dynamic cities in the Eurozone. The agreement to renovate and grant a long-term lease with the Barceló Hotel Group, which operates more than 300 hotels globally, marked a significant milestone as it is part of the Fund’s and Barceló’s growth strategy.
The hotel will initially operate under the Occidental Hotels & Resort brand and named Occidental Dresden Newa, while benefiting from a substantial refurbishment and thereafter trade under the Barceló Hotels & Resort brand.
Peter Lenhardt, Head of IREMIS ́ hotel and leisure division, said: “The Pullman Newa Hotel in Dresden is a landmark hotel and a great first acquisition for our IREMIS Hotel Real Estate Fund I. We are grateful to have Barceló, one of the most important tourism groups in Europe with a very strong covenant, as our partner both in the renovation and operation of this hotel.
The location, paired with the quality of the asset and the potential of the planned renovation and repositioning, is exactly the kind of hotel investments IREMIS is looking for. And indeed, we are still looking for further hotel investments for our IREMIS hotel real estate fund I.”
About IREMIS
IREMIS is a Luxembourg based, European real estate investment management firm founded and held by Jos Short and Jochen Schäfer-Suren. Their excellent track record and successful partnership led them to set up IREMIS to provide creative investments solutions in complex, specialist real estate such as hotel and leisure. The IREMIS hotel and leisure division, led by Peter Lenhardt, succeeded in closing the first IREMIS Hotel Real Estate Fund in 2023, backed by German institutional investors. For additional information: www.iremis.eu
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Message from the Shareholders
Jos Short and Jochen Schaefer-Suren are delighted to announce the launch of our new real estate investment and asset management firm IREMIS.
For more than a decade governments and central banks have dealt with crises by providing numerous subsidies and liquidity at ultra-low interest rates leading to ever higher debts and inflated asset values. This made investment management easier facilitating the emergence of passive investment management.
Recent challenges like Covid, increased geo-political tensions and climate change have led to an unprecedented combination of economic disruptions, higher cost, inflation and interest rates as well as behavioural changes by consumers or business like the reversal of globalisation affecting the political, social and economic as well as capital market outlook across the globe.
All real estate classes will be affected by this more complicated economic and financial context requiring anew more active fund management by experienced specialist investment managers. Nowhere is this more valid than for complex real estate asset classes like hotel and leisure which are most affected by the above challenges and require specialist expertise to capture the significant opportunities in hotel and leisure this world of change will bring for the next few years.
Hence “IREMIS“ = Innovative Real Estate Management & Investment Solutions. Our new firm will focus on specialist sectors and to overcome these challenges with a senior team with the expertise, track record and network in hotel, leisure, and retail to develop innovative solutions and investment and asset management strategies to achieve above average returns in this context. Specifically, we will provide strategic and restructuring advisory, investment transaction and asset management services in private and public markets as well as separate account and fund management together with partners and investors. We can add value not only for our institutional investor clientele, but also lenders and occupiers. We will be active in core; value add and opportunistic strategies and also co-investments across Europe.
IREMIS has already a team with 80+ years of pan-European experience and track record and initially will have a presence in the UK, Germany, Spain and Luxemburg but grow into a Pan-European investment management company. Based on the track record and experience of its founders and initial team, IREMIS will start with a Hotel and Leisure division led by Peter Lenhardt. He was Jochen’s right-hand man for many years at Internos/Principal where Jochen was the CEO of Principal Real Estate Europe's Hotel and Leisure division, and managed very successful Hotel real estate funds and separate accounts. We are in the process of creating a retail division. Today we are a team of 5 experienced professionals and are happy to elaborate on our team and plans.