First Sponsor Group Limited, a listed institutional investor from Singapore, has through its wholly owned subsidiary, FS NL Property 2 B.V., acquired the Holiday Inn and Holiday Inn Express hotels in Amsterdam from IVG Institutional Funds GmbH (IVG IF).
The Holiday Inn and Holiday Inn Express hotels, two InterContinental Hotel Group brands, are both located in the Arena Towers building in Amsterdam Southeast. The assets were acquired for about €55 mln, including transaction costs.
The purchaser obtains approx. 17,500 m² of hotel space consisting of 120 rooms in the Holiday Inn hotel and 323 rooms in the Holiday Inn Express. The hotels have separate entrances and collectively offer a variety of conference rooms and restaurants. The hotels and 440 car park lots have been leased to TVHG under a master lease arrangement for 25 years from May 2014. An additional 69 car park lots have been leased to another lessee for ten years from August 2012.