Internos Real Investors has held a first close of its Internos Hotel Real Estate Fund with €75 million in equity from four German institutional investors. Internos is targeting total equity of €300 million. The fund is structured as a German Spezialfonds, and Internos has been granted a KAG licence by the German financial regulator BaFin to manage such vehicles.

“To be successful, we knew we had to design a ‘core’ hotel investment strategy and thus be even more conservative than in the past, ie. exclusively focused on the core euro zone, stronger tenants and existing stabilised hotels, with a very conservative 40 percent LTV financing yet still offer attractive returns,” comments Jochen Schaefer-Suren, head of hotel and leisure with Internos. “We also structured it as a club deal with German