Invesco Real Estate has acquired the QO Hotel in Amsterdam on behalf of clients of CBRE Global Investment Partners (GIP).

Invesco said the 23-storey hotel is held on a lease and will be managed on a day-to-day basis by InterContinental Hotels Group on a management contract.

Designed and developed by Amstelside, the QO Hotel Amstelkwartier features 288 rooms, conference facilities, a restaurant and rooftop bar.

No financial details were disclosed.

Marc Socker, the managing director for the hotel fund at Invesco Real Estate Europe, said: “The opportunity to work with our partners, with their in-depth local knowledge and expertise, and our investor to deliver such an exciting, first-of-its-kind, best-in-class “lifestyle destination” hotel concept into what Invesco regards as one of the strongest hotel markets in Europe is fantastic.”

The hotel is located in the Amstel area of South-East Amsterdam.

The location is also benefiting from a redevelopment programme, being transformed from a light industrial area into a trendy, urban location, Socker said.

Over the past 12 months, Invesco has transacted $1bn (€805.7m) in the European hotel market on behalf of its European mandates.

Sander van Riel, the head of Continental Europe, CBRE Global Investment Partners, said: “The acquisition of the QO Hotel Amstelkwartier is in line with a key GIP strategy – to acquire very well located and positioned hotels in liquid markets.”