IREMIS Acquires Landmark Pullman Hotel in Germany
Deal News | Nov 27, 2024 | Paul Hastings
Paul Hastings LLP, a leading law firm with renowned expertise in finance, mergers & acquisitions, and real estate, advised IREMIS, a Luxembourg-based real estate investment manager, on its acquisition of the Pullman Hotel in Dresden, Germany. The acquisition marks the inaugural investment for the IREMIS Hotel Real Estate Fund I, which secured the hotel from Covivio Hotels for approximately €30.5 million. The hotel, renowned for its strategic location between Dresden's main railway station and historic old town, consists of 319 rooms, a restaurant, and conference facilities. It will initially operate under the Occidental Hotels & Resort brand before transitioning to Barceló Hotels & Resort following significant refurbishment. The transaction included a long-term lease agreement with the new operators to ensure continuous hotel operations. The Paul Hastings advisory team comprised multiple partners and associates, underlining the firm's extensive capabilities and role in facilitating high-profile transactions across various sectors globally.
Sectors
- Real Estate
- Legal Services
- Hospitality
Geography
- Germany – The Pullman Hotel is located in Dresden, Germany, and the transaction was completed for a property within this country.
- Luxembourg – IREMIS, the acquiring company, is based in Luxembourg, highlighting this geography as relevant.
Industry
- Real Estate – The acquisition of the Pullman Hotel by IREMIS is a significant transaction in the real estate sector, particularly within the hospitality segment.
- Legal Services – Paul Hastings, a prominent law firm, provided legal advisory services for this acquisition, making legal services a key industry relevant to this article.
- Hospitality – The article discusses a transaction involving a hotel, which is part of the hospitality industry, focusing on hotel acquisition and management.
Financials
- €30.5 million – The purchase price of the Pullman Hotel in Dresden, acquired by IREMIS.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IREMIS | Buyer | Company | A Luxembourg-based specialist real estate investment manager acquiring the Pullman Hotel. |
| Covivio Hotels | Seller | Company | The entity from which IREMIS acquired the Pullman Hotel. |
| Paul Hastings LLP | Legal Advisor | Company | A premier law firm that advised IREMIS in the hotel acquisition. |
| Occidental Hotels & Resort | Initial Brand Operator | Company | The hotel will initially operate under this brand following the acquisition. |
| Barceló Hotels & Resort | Future Brand Operator | Company | The hotel will eventually operate under this brand post-refurbishment. |