Deka buys NH Collection hotel in Amsterdam for €155.5m (NL)

Deka buys NH Collection Barbizon Palace hotel in Amsterdam for €155.5m (NL)

NH Hotel Group has entered into a binding agreement with the German asset manager Deka Immobilien for the sale and leaseback of the NH Collection Barbizon Palace hotel located in the heart of Amsterdam.


The agreed transaction, which is expected to close by the end of January 2018, implies the sale of the real estate property for €155.5m (equivalent to €584.5k/room) and will result in the recognition of an estimated accounting gain of €55m in 2018, without affecting the Group's EBITDA target for that year.


As a part of the transaction, the parties have also negotiated a leaseback agreement with a variable rent with a minimum guaranteed, which will enable NH Hotel Group to continue to operate the hotel on sustainable and profitable terms for an initial period of 20 years. The Company also secures the option of extending the lease for two additional 20-year periods.


Ramón Aragonés, CEO of NH Hotel Group, said that the “successful close of this deal is the direct consequence of the privileged positioning of the properties owned by the Group, coupled with a smart and efficient asset rotation strategy designed to maximise the value of NH Hotel Group's property portfolio”.


The 274-rooms hotel occupies a historic complex which dates to the seventeenth century and has 12 rooms spanning 1,000m² for hosting events and meetings. The building also houses prestigious  Vermeer restaurant.

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