Frasers Hospitality acquires Dresden hotel for $96.5m

It’s a freehold 328-key, heritage-listed property.

The hospitality firm deepens its footprint in Germany as it acquires Maritim Hotel Dresden, its first hospitality asset in the European country.

According to a press release by Frasers Hospitality real estate investment trust (FH-REIT), the property is currently leased to Maritim Hotelgesellschaft mbH under a master lease, and is located in Dresden’s city centre.

“Save for the acquisition fee payable to the REIT Manager, the total cost of the Acquisition of approximately €62.5 million (approximately S$96.5 million) has been fully funded by the proceeds from the issuance of S$100 million fixed rate subordinated perpetual securities in FH-REIT which was announced on 12 May 2016.

The release added that the acquisition fee will be paid in the form of stapled securities in Frasers Hospitality Trust.