Invesco Real Estate has sold the Andaz Amsterdam Prinsengracht, a 122-room luxury hotel in the heart of the Canal District in Amsterdam.
The asset was sold on behalf of Invesco Real Estate’s European Hotel Fund (EHF) to a consortium of investors led by First Sponsor Group.
The Andaz Amsterdam Prinsengracht hotel is operated under a long-term lease to Hyatt Hotels. The 10,618sqm hotel, which is split over two conjoined buildings, includes 1,374sqm of office space fully leased to various independent tenants.
The property was acquired by Invesco in 2019 as the fund’s anchor and flagship asset to provide lower-risk and stable cash flows. Under its ownership, Invesco invested in a number of upgrades, including repositioning the reception and entrance, sustainability upgrades to reduce carbon emissions, and improving the food & beverage proposition of the asset.
Christopher Brassington, senior director fund management at Invesco Real Estate, said: “We continue to take an active approach to our European hotel portfolio, including remaining disciplined in sales and reinvestment as we aim to deliver enhanced returns for our investors. The travel dynamics across Europe continue to create investment opportunities and we will redeploy this capital into new assets across Europe.”
Stefan Struller, director transactions at Invesco Real Estate, said: “First Sponsor is a highly experienced, long-term investor in hotels, with strong operating expertise. We want to thank the entire First Sponsor team for the pleasant collaboration throughout the transaction process.”
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