AXA Investment Managers buys $531m European hotels portfolio

AXA Investment Managers - Real Assets has acquired a portfolio of 11 hotels across Europe for €531m (£470m). The portfolio will be secured through the acquisition of all assets held by Principal Hotel Immobilien Spezialfonds, managed by Principal Real Estate, a European real estate investment manager and part of Principal Financial Group. The 2,339-bedroom portfolio, which includes the Hilton Vienna Danube Waterfront and MGallery Cologne, comprises a mix of business, trade fair and leisure-driven properties, with seven located in key cities in Germany and the four others in Vienna, Turin, Lisbon and the Hague. The hotels are operated by brands