The acquisitions have been made using the proceeds of November's €165 million (£147 million) capital raise.

The management of the hotel and the branded residences will be assigned to an internationally renowned management company.

Union Investment was advised on the transaction by JLL and Linklaters Stockholm.

In the EU, in the fourth quarter of 2023 compared with the same quarter of the previous year, the costs of hourly wages & salaries increased by 3.8%

Economic growth is set to be below trend and historic rates in 2024 according to JLL.

The property possesses good connectivity to both highways and public transportation.

The industry has seen a drop in commercial real estate values due to higher interest rates and lower occupancy levels.

The budget for the project is 10,696,860 euros and has been included in the public investment program.