German real estate lenders pbb Deutsche Pfandbriefbank and Deutsche Hypo have provided loans totalling €135 mln for the refinancing of the new W Hotel in Amsterdam.
As lead manager, pbb provided €85 mln of the total facility, with Deutsche Hypo providing the remaining €50 mln. The recipients were various special purpose entities of Cyprus-based Fentonir Trading and Investments.
'pbb maintains a dedicated team of sector experts for hotel financings. They have enabled the Bank to finance hotels in Hamburg, Vienna and Amster-dam over the past few months,' commented Norbert Müller, head of pbb's Real Estate Finance – Continental Europe West unit. 'W Hotel Amsterdam enjoys a top location, and is run by a seasoned operator. We are thus pleased to support this development as a banking partner to this transaction.'
The new five-star W Hotel Amsterdam is located in Amsterdam's old town, right opposite the King’s Palace. Comprising 238 keys, it was completed in May 2016 and is operated by Starwood.
The property represents a redevelopment of the former Telephone Exchange building and the Kas bank.
'The appeal of the new W Hotel is the combination of a historical building with modern design. We are delighted to be financing the W brand's first hotel in the Netherlands. The property complements our attractive portfolio of hotel financings; the transaction meanwhile showcases our significant expertise in this asset class, also in the Netherlands,' said Sabine Barthauer, executive manager at Deutsche Hypo.
The transaction closed in July 2016.
Fentonir Trading & Investments is a hotel real estate investment specialist in Europe, mainly throughout Germany, Amsterdam and Antwerp. Currently, Fentonir is the owner of a portfolio consisting of 50 hotels with 6,000 hotel rooms.
