German fund manager Deka Immobilien has acquired the W Amsterdam hotel in the Dutch capital for €260 mln, EuroProperty has learned.
The vendor of the 5-star designer hotel, which is operated by Starwood, is Cyprus-based Fentonir Trading & Investments.
The W Hotel is located behind the Royal Palace which overlooks Dam Square in the historic centre of Amsterdam. The property has 185 keys including 66 suites and consists of two buildings, located at Spuistraat 175 and Spuistraat 172 respectively.
Fentonir redeveloped the properties, which previously housed the Dutch post authority and Kasbank, in 2014. The former bank building also accommodates the Duchess restaurant.
Founded by Liran Wizman, Fentonir is a hotel real estate investment specialist active in Europe, mainly in Germany, Amsterdam and Antwerp. Its portfolio consists of 50 hotels totalling around 6,000 rooms.
In September 2016 German real estate banks pbb Deutsche Pfandbriefbank and Deutsche Hypo provided loans totalling €135 mln to refinance the refurbished W Amsterdam Hotel.
Hotels accounted for 8% or €2.7 bn of Deka Immobilien’s €33.3 bn of assets under management at end-2016.
Further details of the deal will be published in this week’s EuroProperty, which is part of PropertyEU Group.
