Art-Invest Real Estate acquires the “Courtyard by Marriott” hotel in Vienna

Art-Invest Real Estate has acquired the Courtyard by Marriott Prater Vienna/Trade Fair from Deka Immobilien. The building has 251 rooms, a bar and restaurant area, several conference rooms and a fitness and sauna area. The property owns an “Excellent”-certification with the British BREEAM seal of approval for sustainable construction. The hotel is successfully operated by the Borealis Hotel Group under a long-term lease agreement.

The hotel's location in the “Viertel Zwei” district is characterized by a diverse mix of demand generators, to which the hotel concept is perfectly tailored in order to appeal to a wide audience. The property has excellent connections to Vienna's city center, both by car and by public transport. In addition, the location scores points thanks to the presence of numerous well-known companies, its location in the Prater Vienna and its proximity to the trade fair, the Ernst-Happel-Stadium and the Vienna University of Economics and Business. In combination with the well-known Courtyard by Marriott brand, a diverse target group of business and leisure tourists can be addressed.

Dr. Peter Ebertz, Managing Director at Art-Invest Real Estate, comments on the acquisition: “With the acquisition of the Courtyard by Marriott, we are expanding our portfolio with an established hotel with a balanced demand mix in a very good location in Vienna. With our active investment approach, we want to leverage various potentials for long-term value appreciation. We are also strengthening the international focus of Art-Invest's hotel activities, which we will continue to expand.”

Mark Leiter, Managing Director at Art-Invest Real Estate, adds: “We are delighted that this acquisition has enabled us to add the hotel asset class to our existing office and residential real estate portfolio in Vienna. Austria is a very attractive market for us.”

The hotel was acquired as part of a share deal for the core budget hotel fund and represents the fund's first investment in the Austrian market. The plan is to keep the property in the portfolio for the long term. The parties have agreed not to disclose the purchase price.

Art-Invest Real Estate was legally advised by Barnert Egermann Illigasch Rechtsanwälte GmbH and Forvis Mazars GmbH & Co. KG, technical advice from DELTA Projektconsult GmbH and commercial advice from Hotour Hotel Consulting. This transaction was brokered by EHL Investment Consulting GmbH.