AXA Investment Managers - Real Assets has completed a €38 mln two-year refurbishment of the five-star NH Collection Krasnapolsky hotel in the historic centre of Amsterdam.
The hotel - which remained operational during the renovation programme - was officially re-launched on Thursday.
The property on Amsterdam's Dam Square was acquired by AXA on behalf of a joint venture of two of its investor clients in 2013 from the Spanish hotel group NH for €157 mln. As part of the deal, AXA IM – Real Assets pledged to invest a further €38 mln through a capital expenditure programme aimed at renovating the historic building, which was due to house NH’s first Grand Collection-branded hotel.
AXA said that the renovation works 'mark a new chapter in the building's life some 150 years after first opening its doors to customers'. The hotel's 451 rooms have been completely remodelled while all public areas have been restyled, including the main restaurant which boasts three Michelin-starred chef Jacob Jan Boerma. The restoration works were also extended to the famous and listed Winter Garden, an elegant space with plants and trees under a high glass roof, which first opened in 1880.
Anne Kavanagh, global head of Asset Management & Transactions at AXA IM - Real Assets, said the most challenging aspect of the project was to be able to keep the hotel open to guest throughout the process. ‘NH Collection Grand Hotel Krasnapolsky has been a rare opportunity for AXA IM - Real Assets to offer both a strong investment for clients, while having the chance to restore a national and international icon,’ she added.
AXA IM - Real Assets manages 15,500 rooms across 80 hotels in eight countries with a combined value of over €2 bn on behalf of clients. The company completed nearly €250 mln of hotel acquisitions in 2015, with the latest deal involving the purchase of the 'Jaz in the City' hotel in Amsterdam from local developer G&S Vastgoed. The Jaz Amsterdam opened in November 2015 and comprises 258 rooms. It is let on a long-term lease and operated by the Steigenberger Hotel.
