A European property fund managed by Tristan Capital Partners has acquired a 288-key 4-star hotel in the Netherlands for €92.1m.
The European Property Investors Special Opportunities 5 fund has acquired the QO Hotel in Amsterdam operated and occupied by Ruby Group, Tristan said, adding that the hotel will be rebranded to Ruby Emma.
Kristian Smyth, executive director at Tristan Capital Partners, said: “This acquisition further advances our wider hotel strategy of acquiring high-quality assets in great locations managed by best-in-class operators.
”Amsterdam was identified as a target market for us and through a combination of the quality of the asset and its location, we expect the asset to attract an even mix of tourist and business travel.
”On completion of the business plan, Ruby Emma will be one of the most attractive hotel offerings in the upper midscale market in Amsterdam.”
Michael Struck, CEO and founder of Ruby Group, said: “We’re delighted to be working with Tristan’s fund, our partner of choice, as we continue our expansion across Europe. Ruby’s lean luxury philosophy addresses a growing niche in Amsterdam’s highly competitive hotel market.
”In addition, Ruby Emma differentiates itself in the market through its exceptional sustainability supported by its unique building technology.”
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