Deka Immobilien has secured a 5-star hotel in Amsterdam from NH Hotel Group for €150 mln in a sale-and-leaseback deal.
The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.
NH Collection Barbizon Palace in Amsterdam consists of a hotel with 268 rooms and suites, an apartment building, Saint Olof’s Chapel, which is used as an event space, and 26 underground parking spaces.
Comprising townhouses from the 16th and 17th centuries and a main building completed in 1985, the property was extensively renovated in 2016. It is leased to the NH Group under a long-term contract.
According to the buyer, the purchase allows the fund management of Deka-ImmobilienEuropa to enter the Netherlands hotel real estate market by acquiring a core property in a good location that promises to provide solid long-term cash flows.
The deal follows Deka's €260 mln purchase in October of the W Amsterdam hotel, which is operated by Starwood.
