Anbang buys Blackstone's Doubletree hotel in Amsterdam for €350m

Chinese insurance group Anbang has acquired Blackstone's Doubletree by Hilton in central Amsterdam for about €350 mln, PropertyEU can reveal.

doubletree by hilton amsterdam centraal station

Doubletree By Hilton Amsterdam Centraal Station

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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