Blackstone Real Estate has sold a 5-star hotel in Amsterdam to a Dutch private investment company, PropertyEU has learned. Click on the link below for more information on the transaction, including the investment volume (available for premium members).
Blackstone Real Estate has sold a 5-star hotel in Amsterdam to a Dutch private investment company, PropertyEU has learned. Click on the link below for more information on the transaction, including the investment volume (available for premium members).
The Hotel Pulitzer has 250 rooms spread over 25 luxury canal houses on Amsterdam's Prinsengracht canal. Blackstone had acquired the hotel along with the Amsterdam Sheraton Hotel in 2006.
According to information obtained by PropertyEU from the Dutch land registry, Blackstone sold the Pulitzer to Amsterdam-based company Riverland Coöperatief. The investment volume came to €57.9 mln for the hotel and €23.8 mln for the carpark. A number of adjacent buildings were reportedly also acquired by Riverland, bringing its total outlay to about €100 mln.
PropertyEU understands that Jones Lang LaSalle may have acted for Blackstone in the sale but the property adviser would not comment on the rumour.
The transaction comes amid news that another of the Dutch capital's five-star hotels, the InterContinental Hotel Amstel Amsterdam, is on the market as investor interest in the segment picks up. Data compiled by PropertyEU Research indicates that the Hotel Pulitzer transaction is one of three hotel deals in the top 10 commercial property deals in the Netherlands so far this year.
Separately, Blackstone confirmed on Thursday that it had completed the acquisition of Multi Corporation, the European shopping centre specialist based in the Dutch city of Gouda.
