Fattal Hotel Group's Leonardo Hotels subsidiary has agreed to acquire the Zien Group and its 12 hotels in the Netherlands from KSL Capital Partners and its partner, Garden Capital Group.
Although financial details were kept confidential, the platform is said to have traded for close to €400 mln.
The transaction is scheduled to close in the third quarter of 2024 and is subject to customary closing conditions.
The sale increases Leonardo Hotels' portfolio in the Benelux increases to 28 hotels.
The acquired platform consists of five hotels in Amsterdam including the iconic Eden Hotel, The Lancaster Hotel, and The Manor, and several hotels in top locations in major cities, such as Rotterdam, The Hague, Eindhoven, Groningen, and Maastricht.
Zien Group’s current portfolio of hotels was assembled by the Dijkstra family over 75 years. KSL acquired a majority interest in the business in December 2021, during the height of the Covid-19 pandemic. Through targeted refurbishments and operational initiatives under CEO Billy Skelli-Cohen, the group’s performance has steadily improved and now well surpasses pre-Covid performance.
Through this transaction, Leonardo Hotels adds 1,522 hotel rooms to its portfolio, bringing its total number of rooms in the Netherlands and Belgium to 4,161.
Guy Vardi and Yaniv Amzaleg, M&A directors of Fattal and MD of Fattal European Partnerships, commented: 'These new hotels will benefit from the synergies of being part of a much larger hospitality group, providing our guests with access to a robust portfolio of hotels in an increasingly attractive hospitality sector. Additionally, our investors can look forward to having strong returns from their investments as we continue to grow. By targeting properties that align with Leonardo's standards of excellence, the partnership seeks to curate a collection of industry-leading hotels.'
Martin Edsinger, partner at KSL, commented: 'We are excited to hand the reins of Zien Group to Fattal Group and Leonardo Hotels as a strategic long-term owner. We have long recognized the strength of the Netherlands hospitality market.'
