French investment firm Corum has acquired an Ibis-branded budget hotel in the greater metropolitan area of Amsterdam. The price was reportedly in the region of €35 mln.
The Ibis Budget Amsterdam City South hotel was sold by Borealis Hotel Group, which had carried out an office-to-hotel renovation on the property.
The 314-room hotel is located at Prof J.H. Bavincklaan 1-3 in Amstelveen, on the border with the Amsterdam South district. Borealis remains as the tenant, and in turn has a management contract for the operation of the hotel with French hospitality giant Accor. Ibis is one of Accor's brands.
Appelhoven Vastgoedadviseurs advised Corum in the transaction, with BarentsKrans as notary.
The transaction follows on from Corum's acquisitions from Borealis of the Hotel Indigo in The Hague, a Novatel in Hoofddorp, near Schiphol Airport, and a hotel in Antwerp.
Corum holds the hotels in general real estate funds with a mix of European real estate, including offices, industrial property and retail. The French company has more than €1.2 bn of real estate assets under management.
