Dutch investor Bouwinvest has acquired a 186-room hotel that will form part of the 100-metre high Amstel Tower development in Amsterdam.
Dutch investor Bouwinvest has acquired a 186-room hotel that will form part of the 100-metre high Amstel Tower development in Amsterdam.
The hotel will occupy the six lower floors of the tower, which is being developed by Provast near Amsterdam’s Amstel railway station.
Financial details of the hotel acquisition were not disclosed.
German hotel chain Meininger will operate the hotel under a 25-year lease agreement. Meininger already operates a hotel next to Amsterdam Sloterdijk Station to the west of the city.
'Amsterdam is the strongest hotel market in the Netherlands and indeed one of the most attractive in Europe. Meininger is a leading operator in the three-star segment of the market and this investment fits squarely into the strategy of the Bouwinvest Hotel Fund in selecting stable assets in locations with high demand for accommodation and anchored by secure long-term covenants,' said Bas Jochims, head of asset management offices/hotels at Bouwinvest.
He added: 'We are actively looking to increase the share of hotels in our real estate investment portfolio.'
Amsterdam City Council awarded Provast the tender for the €66 mln project to develop the Amstel Tower from in 2013. Construction work is due to begin at the end of this year, with completion scheduled for late 2017.
Residential apartments will occupy the upper floors of the building and Provast will also develop a parking garage with 171 spaces at the site. A new bus station will be realised by the city council on the roof of the parking garage.
Hans de Jong, partner at Provast said: 'Close cooperation with our investment partners Bouwinvest, for the hotel, and Vesteda, for the apartments, has allowed us to proceed with the development of the Amstel Tower, which is our second major project launched in Amsterdam this year.'
CBRE Hotels and law firm Loyens & Loeff advised Provast on the hotel investment.