Hilton Vienna Danube Sold

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Immofinanz Group has sold the Hilton Vienna Danube hotel for €48.4 million ($63.5 million) to a subsidiary of Internos Real Investors Kapitalanlagegesellschaft, Frankfurt am Main. The sale price was higher than the book value, the company said.  

The transaction continues the company's exit from the non-core hotel assets. The group's hotel segment now only includes the Leonardo Vienna, which is also on the market following a completed renovation, the company said. 

"Following the profitable sale of the Grand Hotel Kempinski in St. Moritz during February of this year, this latest transaction moves us close to our goal of ending our business in this asset class," Eduard Zehetner, chief executive of Immofinanz Group, said in the announcement. "The demand for prime properties has been fueled by the reserved forecasts for economic growth, low interest rates and the belief of many market participants that this situation will not change in the near future."

The Vienna Danube first opened in 1986 as a Scandic Hotel. It has been a Hilton-branded hotel since 2003 with 367 rooms, including 24 suites. The lease with the Hilton group was extended in 2011 for 20 years.