DLA Piper has advised Principal Real Estate Spezialfondsgesellschaft mbH on the sale of three hotels including assets in Amsterdam and Nuremberg, for EUR 122.5m on behalf of Principal Hotel Immobilien Spezialfonds. Principal Hotel Immobilien Spezialfonds is the company's first hotel fund which was established in 2012. Now in its seventh year of operation, the fund has started a phase of selective sales.

The INK Hotel MGallery by Sofitel in Amsterdam, acquired in 2012 in a sale-leaseback transaction with Accor, was sold to a fund managed by Amundi Immobilien for more than EUR 60m. The four-star hotel with 148 rooms is located in the heart of Amsterdam, and was renovated in 2015 by Principal Real Estate Europe. The Park Inn Hotel in Nuremberg, also acquired by Principal Real Estate Europe in 2012 and renovated in 2015/16, comprises 148 rooms and was sold for EUR 23.5m to SCPI Atream Hotels, which is managed by Atream.

Principal Real Estate Spezialfondsgesellschaft mbH is part of the US company Principal Real Estate Investors, the real estate investment group within Principal Global Investors. It has assets of just under USD 75bn under management and is among the top 10 real estate managers worldwide.

The DLA Piper Team in Frankfurt was led by Real Estate partner Dr Florian Biesalski, and comprised Tax partner Dr Marie-Theres Rämer, of-counsel Martin Heinsius, Real Estate senior associate Sonja Beier and Tax associate Eda Altintas. They were assisted by Amsterdam-based Real Estate partner Rutger Oranje and associate Marieloe van der Stoep.