German lender Deutsche Hypothekenbank announced on Friday that it has provided a €32 mln financing facility to UBM Development for the Voco The Hague Kneuterdijk hotel.
The four-star asset is operated under the new voco brand of the renowned InterContinental Hotels Group and consists of 204 rooms in a prime location in the historic city centre of the Hague, The Netherlands. The building provides a total of 12,000 m2 and includes an underground parking for 200 cars.
The financing is made available for the development and start-up phase of around two years.
Andreas Rehfus, member of the board of management of Deutsche Hypo, said: ‘We support first-class project developments in the hotel segment such as the voco The Hague Kneuterdijk even in challenging times. They remain a welcome addition to our portfolio.’
Thomas G. Winkler, CEO of UBM, added: ‘The construction work is well advanced and we expect to be able to celebrate the opening in the second half of the year, in line with the rise in tourism.’
