Austria: Schoenherr advises INVESTER United Benefits on sale of the Hilton Vienna

The hotel was sold by two Viennese family offices to Wealthcore Investment Management, which represents a consortium of South Korean investors. The transaction value amounted to more than EUR 370m.

The Hilton Vienna Hotel, also known as "Hilton am Stadtpark", was constructed in the early 1970s and features close to 600 rooms on 15 floors. Ranking among the largest Hilton hotels in the world, it has established a reputation as being one of the top conferencing hotels in the CEE-area with facilities to host close to 800 convention attendees. Despite the sale, INVESTER will continue to carry out renovation works over the next years which will increase the total amount of rooms to 660, including 70 suites.

INVESTER United Benefits is one of the largest Austrian real estate development companies, currently managing assets amounting to EUR 1.5bln, including retail, hotel and residential objects. With this transaction, INVESTER continues to demonstrate its strong impact within the Viennese real estate market.

The team at Schoenherr primarily consisted of Michael Lagler (partner, Vienna, real estate), Clemens Rainer (attorney at law, Vienna, real estate) and Wolfgang Rapberger (associate, Vienna, real estate).

EY acted as financial and tax advisor to INVESTER (Andreas Sauer, Gernot Ressler).

The purchaser was advised by DLA Piper Weiss-Tessbach, led by Oskar Winkler.