Chinese insurance group Anbang has acquired Blackstone's Doubletree by Hilton in central Amsterdam for about €350 mln, PropertyEU can reveal.
The Doubletree by Hilton Amsterdam Centraal Station is located next to the main train station in the Dutch capital. Originally developed as a Mint Hotel, the property has 557 guest rooms, 1,000 m2 of meeting space and the 11th floor Skylounge Amsterdam with a panoramic view of the city.
Sources confirmed the deal to PropertyEU ahead of the opening of the annual Provada real estate fair in Amsterdam on Tuesday.
This is the second-largest real estate transaction in the Netherlands this year, following the acquisition by French investment manager Amundi Real Estate of office complex The Atrium in Amsterdam for €500 mln - the largest single-asset deal ever in the Netherlands.
Anbang has now acquired more than €11bn of real estate assets from Blackstone, mainly in the US, in about two-and-a-half years.
Anbang entered the Dutch market in October 2016 when it acquired office properties worth more than €500 mln from Blackstone. EuroProperty - part of the PropertyEU Group - reported in December 2016 that Anbang was a strong contender to acquire the Doubletree by Hilton Amsterdam. The other two parties were a European fund and another Asian bidder.
Eastdil Secured and CBRE, EuroProperty reported, were appointed to sell the hotel earlier this year as part of a disposal of the Mint hotel portfolio bought by Blackstone from Lloyds Banking Group in 2011 for £600 mln (€705 mln). The Amsterdam asset is the penultimate of a portfolio of nine that have all been sold in the past two years.
The deal lifts the amount recouped from the portfolio to £900 mln.
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Provada briefing
31 May 2017
Hospitality - how is it changing the face of real estate
PROVADA - Amsterdam RAI, Hall 10, International Business Lounge, Europaplein 2, Amsterdam, 1078 GZ, Netherlands NL | 12:25 - 13:30