German fund manager Deka Immobilien has acquired the four-star American Hotel in Amsterdam in a sale-and-leaseback deal with Hampshire Hospitality.
German fund manager Deka Immobilien has acquired the four-star American Hotel in Amsterdam in a sale-and-leaseback deal with Hampshire Hospitality.
The two parties agreed not to disclose financial details but Deka is believed to have bought the property for a gross purchase price of EUR 58.5 mln. Under the deal, Hampshire will lease the property back for a period of 25 years. The hotel group has owned the property since 2005.
Located on Amsterdam's Leidseplein in the historic centre of the city, the hotel will be incorporated into the portfolio of Deka's WestInvest TargetSelect Hotel sector fund. The building, which dates from 1902 and was last renovated in 2007, offers 175 rooms, a restaurant and a bar covering a total of 8,000 m2.
Deka was advised on the transaction by Savills and Baker & McKenzie. Hampshire Hospitality was represented by Jones Lang LaSalle and Linklaters.
WestInvest TargetSelect Hotel was launched in 2008 as an open-ended special property fund targeting institutional investors and is part of the WestInvest TargetSelect product line.
Hampshire Hospitality was formed from a merger last year between Eden Hotel Group and Hampshire Hospitality & Leisure. The resulting combine claims to be one of the five leading hotel operators in the Benelux with 120 affiliated hotels, annual turnover of over EUR 90 mln and more than 1,000 employees.
