Clifford Chance advised an investment fund of French asset manager Amundi Real Estate on the acquisition of two hotel projects from UBM Development AG. The two hotels form part of AccorHotels Group and are scheduled for opening in summer 2017. They were sold at a fixed price by way of a forward deal. The purchase of the turnkey hotels is subject to completion of the usual Closing conditions and will become effective upon hand-over of the hotels in summer 2017.

The two hotels are located in Vienna's future "Quartier Belvedere Central" near the central station. They will be marketed under the ibis and Novotel brand, respectively, and offer 577 rooms on a gross floor area of 27,300 square metres as well as a large event area with a ballroom and conference facilities measuring around 1,800 square metres.

The Clifford Chance team was led by partner Dr. Gerold Jaeger and included counsel Dennis Blechinger (both Real Estate, Frankfurt) as well as partner Dr. Uwe Schimmelschmidt (Frankfurt) and counsel Dr. Dominik Thomer (Düsseldorf, both Tax). In addition, a team from the Luxembourg office of Clifford Chance included partners François-Xavier Dujardin (Tax) and Katia Gauzes (Corporate).