Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce that it has acquired the 189-room four-star mid-market Park Hotel in Amsterdam from Grand City Hotels & Resorts. It has been purchased for IRE’s second dedicated hotel fund. The hotel will continue to be operated by Grand City as the Park Hotel Amsterdam.
Erik Jacobs, Invesco Real Estate’s Associate Director, Hotel Transactions comments: “We are delighted with the acquisition of this hotel in the city center of Amsterdam, which is one of Europe’s strongest hotel markets with a true seven day market. The transaction fits the existing fund strategy well with its focus on fundamentals, being a quality mid-market hotel, good investment lot size, strategic location and stable income, as well as providing diversification to the portfolio in terms of market and brand.
“Amsterdam is the largest city in the Netherlands, and the opportunity to buy this fully renovated mid-market boutique hotel in a prominent city, which benefits from strong corporate and leisure demand fits our strategy well. We believe the timing was optimal to acquire such a high quality asset at the low-end of the trading cycle, in a strong marketplace.”
The Park Hotel Amsterdam is a modern, four-star business hotel featuring the restaurant Momo, a bar and private dining room, fitness center, conference facilities as well as an indoor car park and six independent retail units. It is located in near the Rijksmuseum in close proximity to the city’s well-regarded prime retail areas.
IRE’s dedicated European hotel funds currently own, in total, 26 mid-market hotels with over 5,500 rooms across Europe with total assets under management of ca. €980m across 14 international brands as at September 18, 2013.