Tuesday, 1 July 2014
Union Investment expands hotel portfolio in Amsterdam (NL)
Union Investment has secured a further hotel property with a high level of value stability by acquiring the Radisson Blu Amsterdam. Opened in 1990, the 4-star hotel with 252 rooms and suites enjoys a central location in Amsterdam's old town and is fully leased to the financially-sound Carlson Rezidor Group, with 22 years remaining on the lease.
The property will be added to the portfolio of the UniInstitutional European Real Estate fund. Details of the purchase price were not disclosed.
“There are significant constraints on the availability of hotel space within the first inner-city ring. We are delighted to have acquired an established hotel in this central location. We can now continue our longstanding partnership with Carlson Rezidor in Amsterdam as well, in one of its most successful hotels," said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg.
The hotel's location only a few minutes from Nieuwmarkt, the Royal Palace, museums and other sights makes it appealing to both business and leisure travelers. In 2011, the Radisson Blu Amsterdam received the Carlson Rezidor Group’s Global Achievement Award for the best-performing hotel in Europe. The hotel consists of a seven-storey North Building and a South Building with six floors. In 1989, the two properties were linked by an underground corridor; with due regard being given to the historic building fabric. The hotel complex incorporates a former paper factory and several 18th century trading houses.
Union Investment's hotel portfolio is broadly diversified across 22 brands, a range of segments and eight countries. It currently comprises 38 properties and projects worth around €2.1 billion. Alongside Amsterdam, Union Investment open-ended real estate funds currently hold Radisson Blu hotels in Berlin, Brussels, Krakow, London-Stansted, Manchester and Marseille.
Source: Union Investment