Terra Firma returns to hotels
Terra Firma is to buy Germany’s Welcome Hotels from Haus Cramer, part of the Warsteiner Brewery group, for an undisclosed fee.
The company is the latest to show its enthusiasm for Germany and also marks its return to the hotel sector, which it exited with the collapse of Le Méridien.
The Welcome portfolio of 12 hotels are described by Terra Firma as “modern, well-maintained three- and four-star MICE hotels”. Terra Firma, which will also be operating one additional hotel under a management agreement, plans to invest an unspecified amount in the portfolio.
The buyer said that, over the past decade, the German hotel market had shown “significant growth” and a high degree of resilience, particularly during the financial downturn.