JLL has advised Malaysian investor YTL on the acquisition of the Marriott Hotel The Hague from a US investment fund at an undisclosed price.
The 306-key property is located between The Hague city centre and Scheveningen, and adjacent to the World Forum convention centre.
The deal marks YTL's first transaction in continental Europe, noted Will Duffey, co-head of European transactions, JLL’s hotels & hospitality group.
'The Netherlands as a whole has recently experienced a surge of investor activity in the hotel space owing to economic stability, market transparency and a flourishing tourism sector. Hotel assets in sound secondary markets like The Hague are, and will continue to provide, safe-haven destinations for investors’ capital,' Duffey added.
The property, which was previously transacted by JLL in 2015, was fully renovated and rebranded as a Marriott Hotel in 2016, becoming Marriott’s second core-brand hotel in the Netherlands.
Hotel transaction volumes in the Netherlands in 2017 more than doubled on 2016’s figures, reaching approximately €1.8 bn, according to JLL data. In 2017, revenue per available room grew by more than 12% in The Hague, driven by an increase in the average hotel occupancy of the city, from 67% to 72%.
The vendor was advised by Eastdil Secured.
