Stay updated with Principal Real Estate Europe’s news and views.

Press Releases 2016

INTERNOS closes Acquisition of the Suecia Hotel in Madrid as part of its “Value Add” hotel real estate mandate


INTERNOS Global Investors (INTERNOS), the pan European owner-managed real estate fund manager with €3.5 billion AUM, has completed the €45 million acquisition of the Suecia Hotel from Explotadora de Hoteles EDTL S.L as part of its Hotel Real Value Plus “Value Add” mandate via the Master-KVG provided by Institutional Investment Partners. The hotel will be operated under a long lease containing fixed and variable rent components from the Spanish NH Hotel Group.

This 4* hotel has 127 rooms, a restaurant, bar, six conference rooms and 13 parking spaces. It is located in the historical centre of Madrid, only a short walk from the most important city sights, including Gran Via and the Prado Museum. The hotel was acquired because we can add value due to the strategic city centre location, the quality of the hotel, a planned repositioning and rebranding of the hotel and the new long term, hybrid lease contract with NH Hotel Group.

Jochen Schaefer-Suren, Partner managing INTERNOS’ Hotel and Leisure division and this value add mandate, commented: “The acquisition of this hotel allows to add value due to the change of the brand, improvements to the property, the new long term lease, the on going recovery in the Madrid hotel market as well as the increased diversification of the hotel portfolio within the fund. We are pleased that with this acquisition the overall number of hotels managed by INTERNOS has increased to 16 hotels with a total value of nearly €550 million since foundation of the hotel and leisure division in 2011.”

For 2016 and thereafter, INTERNOS will continue to manage its existing hotel fund and acquire hotel real estate with the remaining capital of our Hotel “Value Add” mandate and our forthcoming second Internos hotel fund “Enhancing Core Values”. Together these three investment vehicles allow to cover the entire scope of hotel investments including not only leases but now also management contracts and resort hotels where investments are compelling. In total we have capital in excess of €250 Mio we hope to invest in hotel real estate in 2016 and thus actively pursue various new hotel purchases along the hotel investment spectrum while maintaining attractive yield and risk return profiles.

Company contact for further information:

INTERNOS Global Investors
Jochen Schaefer-Suren
Partner Head of Hotel & Leisure

+ 44 207 355 8888

Press contact for further information:

Tavistock Communications
Jeremy Carey/ James Verstringhe

+44 207 920 3150

Notes to Editors:
Since its formation by Andrew Thornton and Jos Short in 2008, INTERNOS has become a significant pan-European investment manager with offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan with approximately 100 employees and commercial property investments in 11 countries, €3.5 billion under management and its earliest funds dating from 2005. INTERNOS has expertise across the real estate asset classes and major European markets.

About the Real Value Plus – Hotel Value Add Mandate
The fund is in the form of a German “Spezialfonds” for a German institutional investor provided by Institutional Investment Partners. INTERNOS manages this hotel real estate specific mandate within this Master fund for a total of €200 million of hotel real estate investments with a value add strategy.

About INTERNOS Hotel Real Estate Fund I
Internos Hotel Fund I with AUM of over €400 Mio. owns 13 different hotels operated by various hotel groups under long term leases which are concentrated in Germany Austria and the Netherlands. is structured as a German ‘Spezialfonds’ operated by INTERNOS’ Kapitalverwaltungsgesellschaft (KVG).

About INTERNOS Hotel Real Estate Fund II
Internos Hotel fund II “Enhancing core Values will target opportunities to invest across Europe in high quality hotel real estate that allows to enhance their value by improving their profile to core assets. This second Hotel fund will also be structured as a German ‘Spezialfonds’ operated by INTERNOS’ Kapitalverwaltungsgesellschaft (KVG).

All the Internos Hotel funds and mandate are managed by a team of hotel real estate and fund management specialists in the INTERNOS Hotel and Leisure Division led by the INTERNOS Head Hotels and Leisure and partner Jochen Schaefer-Suren who founded the Internos Hotel and Leisure Division in 2011.

This website, the distribution of information on it and the offer or placement of interests in any fund managed by Principal Real Estate Limited (“Principal Real Estate”) or any of its affiliates (a “Fund”) may be restricted by law or regulation in certain jurisdictions. This website and the information on it is only directed at persons, and interests in any Fund will only be available for investment, to the extent that it is lawful under all applicable law and regulation to do so in any relevant jurisdiction. This website and the information on it are not addressed to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation. Accordingly, visitors to this website should inform themselves about, and observe, local laws in their own jurisdiction which may restrict their ability to engage the services of Principal Real Estate or any of its affiliates, or to invest in any Fund.

In particular for investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

In addition in the United Kingdom, this website and the information on it is intended only for, and is directed only at, persons who both (i) are capable of being treated by Principal Real Estate as professional clients or eligible counterparties, as each term is defined in the rules of the FCA, and (ii) fall within an exemption from Section 21 (or, in relation to communications by Principal Real Estate concerning collective investment schemes, Section 238) of the Financial Services and Markets Act 2000 (“FSMA”) in accordance with (a) Article 19 of the FSMA (Financial Promotion) Order 2005 (“FPO”) or Article 14 FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (“CIS Order”), being investment professionals having experience in relation to investments including unregulated funds, (b) Article 49 FPO or Article 22 CIS Order, being certain high net worth companies, trusts and unincorporated associations etc., or (c) being any other class(es) of person in or outside the United Kingdom to whom this website and its contents may otherwise lawfully be communicated. This website and the information on it and the opportunity to invest in the Funds is only available to such persons in the United Kingdom and this website and the information therein must not be relied or acted upon by any other persons. This website is not directed at or intended for U.S. persons and by accessing this website you represent to Principal Real Estate and its affiliates that you are not a U.S. person as defined in Regulation S under the United States Securities Act of 1933, as amended and are not acting on behalf of a U.S. person, nor purchasing with a view to re-sale in the US or to or for the account or benefit of a U.S. person.

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

When using this website and clicking accept below, you agree you will comply with all applicable local, national and international laws and regulations, including but not limited to those laws and regulations relating to data privacy, international communications and exportation of technical or personal data. In certain jurisdictions it may be illegal to access, view or download the information contained on the website and Principal Real Estate and its affiliates hereby disclaim all responsibility and liability if you access or download any information from this website which is in breach of any law or regulation of the jurisdiction in which you are a citizen, resident or domiciled.

This website and the information contained therein is not intended to provide the basis of any investment decision relating to Funds, products or services and any potential investor accessing this website should not solely rely on this website in evaluating the virtues of investing in any investments in such Funds, products or services referred to on this website. Any decision by a person to purchase interests in Funds, products or services must only be made following such person having thoroughly read all of the related materials to such investment including the relevant prospectus or offering memorandum for the relevant Fund and any supplements or appendices thereto, which must be received and reviewed prior to a person making any such investment decision. The relevant prospectus or offering memorandum for the relevant Fund may contain different information to the information and opinions contained on this website at any point in time. Any person purchasing an interest in a Fund, product or service referred to on this website must be able to bear the risks involved and must satisfy the relevant suitability requirements relating to such purchase of an interest in a Fund, product or service. Furthermore, some or all investment programs included on the website may not be suitable for certain investors.
The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Before accessing this website please confirm that you have understood and agree to the above and that you understand yourself to be, or be representing, an Eligible Person.