Hilton Parkview Vienna sells for €375m

13 August 2019

Wealthcore Investment Management acted as the European asset manager for the Korean consortium. International real estate advisor Savills brokered the transaction.  

 Purpose built in 1974, the Hilton Parkview Vienna is a historical landmark hotel operating as the Wien Hilton since opening, before consequently being renamed as Hilton Parkview Vienna. The plot area totals 8,018 sq m and forms part of a single mixed-use building with a total gross floor area of approximately 53,320 sq m (573,870 sq ft), over 23 floors, together with other commercial accommodation. Recognised as Austria’s largest conference hotel, the Hilton Parkview Vienna  comprises a 4* upscale, full service hotel with 579 rooms spread across 13 floors, with a restaurant, an outdoor pool plus a health club and a spa centre. The hotel is currently undergoing an extensive refurbishment and reconfiguration program.

 

Richard Dawes, director in the hotels team at Savills, comments: “Vienna is one of the world’s leading conference destinations and continues to go from strength-to-strength with RevPAR up over 16% year-to-date, in part supported by booming tourist numbers. The deal is illustrative of the buoyant demand from global capital for best-in-class European gateway hotel assets.“

 

Tristam Larder, Head of Savills Regional Investment Advisory, EMEA, comments: “The sale of the Hilton Parkview Vienna, a best in class asset and run by one the world’s most renowned operators, presented a ripe opportunity for South Korean investors to make their debut into this market. Vienna is attracting increasing levels of cross border investment, with 64% of the total investment volume into commercial real estate so far this year attributed to international capital. We now anticipate that our clients will pave the way for a further wave of  inbound exotic capital in this region.”

 

 

-ends-

 
 

General Enquiries

Head Office London

 

Key Contacts

Tristam Larder

Tristam Larder

Joint Head RIA EMEA
Offices and Portfolios

Head Office London

+44 (0) 20 7409 8014

 

Richard Dawes

Richard Dawes

Director
Hotels Agency

Head Office London

+44 (0) 20 7409 8106