Invesco Real Estate (IRE) has purchased the Park Hotel in Amsterdam and leased it back to the operator Grand City Hotels for a period of 20 years.
Invesco Real Estate (IRE) has purchased the Park Hotel in Amsterdam and leased it back to the operator Grand City Hotels for a period of 20 years.
Speaking to PropertyEU at EXPO REAL, Invesco associate director Erik Jacobs declined to disclose the purchase price but said the company had been eyeing the 189-room boutique hotel for three years.
Located in the centre of Amsterdam, Park Hotel was acquired by Blue Park Hotels BV for €28.4 mln in 2006, according to information obtained by PropertyEU from the Dutch land registry.
Hotels currently represent over 20% of IRE’s assets under management. The company owns 26 mid-market hotels with around 5,690 beds across Europe, including Poland. Jacobs said Invesco was actively seeking further hotel investment opportunities in Western Europe.
The Park Hotel deal is the latest in a flurry of hotel transaction activity in Amsterdam. In early October, US private equity firm Blackstone sold the luxury Pulitzer hotel to a private Dutch company for an undisclosed amount. Another five-star hotel, the InterContinental Hotel Amstel Amsterdam, is also said to be on the market.
