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.”