U City’s strategy is to acquire or develop recurring income properties such as hotels, offices, services apartments near mass transit lines both locally and overseas.
MUNICH – U City Public Company Limited, a publicly listed company based in Bangkok, has acquired the Pan-European hotel company Vienna International Hotelmanagement AG headquartered in Vienna. The majority shareholders of Vienna International are two private foundations from Austria. The transaction comprises the hotel operating platform including the brands Vienna House, andel’s by Vienna House, angelo by Vienna House and Vienna House Easy as well as 28 hotels. Two of the hotels are operated under the brands Marriott and Liner.
Likewise, U City Public Company Limited also acquired eight hotels from listed Warimpex Finanz- und Beteiligungs AG with the properties being managed by the Vienna International Hotelmanagement AG.
The 36 hotels in total with some 6,700 guest rooms and more than 2,200 employees are located in Germany, France, Austria, Czech Republic, Slovakia, Romania, Poland, Belarus and Russia.
JLL’s Hotels & Hospitality Group, Germany has provided buy-side advice for U City Public Company Limited throughout the due diligence process.
U City PCL is a listed, Thai commercial property developer with 30 years of experience and a market capitalisation of THB 16.8 bn (450m. euros). U City's strategy is to acquire or develop recurring income properties such as hotels, offices, services apartments near mass transit lines both locally and overseas.
“The acquisition represents the recent trend toward large portfolio and platform sales within the three digit million range”, according to Stefan Giesemann, Senior Vice President, JLL Hotels & Hospitality Group, Germany. And further: “Next to a number of very good properties in highly sought-after hotel markets, the Asian investor had the opportunity to acquire a well-established hotel operating platform with significant growth potential and consequently
establish a direct presence in key European hotel markets. The acquisition also reflects the increasingly strong interest from Asian investors for hotel real estate opportunities in Europe, even for complex portfolio transactions across multiple countries and legal jurisdictions.”
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