French hotel group Accor has sold the Grand Hotel in Amsterdam under a sale-and manageback deal to an unnamed party for a total EUR 92mln. Accor said the buyer is paying EUR 60mln for the hotel and investing an additional EUR 32mln in renovation work. Accor will continue to run the hotel under a 25-year management contract and retains a 40% interest in the ownership company. Accor said the transaction is in line with its hotel asset management strategy, focused on the sale of hotel properties while retaining the management over the long term.
French hotel group Accor has sold the Grand Hotel in Amsterdam under a sale-and manageback deal to an unnamed party for a total EUR 92mln. Accor said the buyer is paying EUR 60mln for the hotel and investing an additional EUR 32mln in renovation work. Accor will continue to run the hotel under a 25-year management contract and retains a 40% interest in the ownership company. Accor said the transaction is in line with its hotel asset management strategy, focused on the sale of hotel properties while retaining the management over the long term.
A national heritage building and the former Amsterdam town hall, the hotel has 182 rooms and 1,300 m2 of meeting and banquet space.
When renovation work will be completed in June 2009, the hotel will become a Sofitel Legend property - the most upmarket brand in the Sofitel network. Only six other Sofitels are to be rebranded as Sofitel Legend assets, Accor said, including the Winter Palace in Luxor, and the Palais Jamai in Fes, Morocco.
