Dutch firm M7 Development is to turn Amsterdam’s former appeals court building into a five-star hotel after acquiring the listed property for just over €61 mln.
Dutch firm M7 Development is to turn Amsterdam’s former appeals court building into a five-star hotel after acquiring the listed property for just over €61 mln.
The Den Bosch-based company will carry out the refurbishment in partnership with an unnamed hotel chain, the Dutch interior ministry said. Amsterdam’s city council received plans from nine bidders after earmarking the building on Prinsengracht as a potential location for a luxury hotel.
The court complex was exempted from a moratorium on five-star hotels that the city’s authorities announced after a spate of developments in recent years saturated the market.
The Central Government Real Estate Agency put the 17th-century building up for sale after the appeal court moved into its new home on IJdok in April 2013. It originally housed an orphanage before being extended and converted to a court building in the 1820s.
M7 Development was established in Den Bosch in 2009 by a team including Burgfonds founder Louis Meijer and has developed around 400,000 m2 of commercial real estate.
Last year the Dutch government sold off 27 surplus buildings through its real estate division, including former prisons, a harbour and a wartime bunker, raising a total of €125 mln.
