Park Plaza has acquired the 342-room Holiday Inn at Amsterdam's Schiphol Airport for over EUR 30 mln, according to a report in local paper Het Parool. The hotel was declared bankrupt last year and has since been operated by the hotel's main lender Germany's Areaal Bank. Areaal is also financing the takeover.
Park Plaza has acquired the 342-room Holiday Inn at Amsterdam's Schiphol Airport for over EUR 30 mln, according to a report in local paper Het Parool. The hotel was declared bankrupt last year and has since been operated by the hotel's main lender Germany's Areaal Bank. Areaal is also financing the takeover.
The hotel was built in 2006 for EUR 54 mln. During construction a conflict arose between developer Camp Kleyn, which planned to operate the hotel via its subsidiary AMS, and the building contracter Heddes. The hotel remained vacant after delivery.
Heddes subsequently took over the management of the hotel, but ran into financial problems following high initial operating costs, low occupancy levels and disappointing returns.
With 39 hotels and annual turnover of some EUR 100 mln, the internationally operating Park Plaza chain is one of the leading hotel operators in the Netherlands. The chain now has three hotels in Amsterdam. Next year it will open a fourth hotel near Central Station.
