We have advised Invesco Real Estate (Invesco), the global real estate investment manager, on its new strategic long-term partnership with Westmont, one of the largest private hotel property owners and operators with approximately 400 hotels in Europe, North America, Africa and Asia.
Westmont will operate and co-invest in the portfolio of 13 IHG branded hotels located in key cities in Germany and the Netherlands.
As Invesco’s strategic partner, Westmont will act as the tenant of the portfolio, as well as co-invest with Invesco’s clients in the property-owning companies. As part of the deal, significant further investment is expected to be made into eight Holiday Inn Express hotels in Germany and a hotel in Heidelberg.
Westmont was selected by Invesco due to its outstanding investment track record, strong focus on long-term partnerships, the quality and depth of its operations and its success in restructuring and repositioning assets.
The complexities of this cross-border deal drew on deep expertise drawn from across the firm's Real Estate, Corporate, Restructuring, and Banking & Finance teams from our UK, German and Dutch offices.
Commenting on the deal, UK Real Estate Partner Mark Rajbenbach said: "This is a truly international deal drawing on our deep cross-disciplinary expertise across the international firm and leveraging our market knowledge. We are excited to see what the future brings for the restructured portfolio."
David Kellett, Senior Director – Hotel Transactions of Invesco Real Estate, said: "The hotel sector has been significantly disrupted by the Covid-19 pandemic, but there remains a strong, long-term investment case for the hospitality sector as markets recovers from the pandemic. The international team at Taylor Wessing was a huge support for us in successfully achieving a partnership of this calibre."
The team was led in the UK by Real Estate Partner Mark Rajbenbach, Senior Associates Victoria Butcher and Elisabeth Heide and Associates Rebekah Prince and Tom Benjamin in our International Real Estate Sector group.
Further support was provided from across our international network from Partner Tim Strong in the UK, Partners Dr. Jan Riebeling, Dr. Adrian Birnbach and Dr. Alexander Peinze and Senior Associate Theresa Haßlberger in Germany and Partners Wilma Booij Maja Bolè, Ralf van der Pas and Hugo Nieuwenhuizen, Counsel Vera Jurgens, Counsel Mark Goorts and Associate Paul Orij in The Netherlands.