Leonardo Hotels (Leonardo) today announced that it has entered into a purchase agreement to acquire the Zien Group (Zien) and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners as well as its partner, Garden Capital Group. Terms were not disclosed.
Through this transaction, Leonardo Hotels adds 1,522 hotel rooms to its portfolio, bringing its total number of rooms in the Netherlands and Belgium to 4,161. The acquisition includes the transfer of well-known hotels in Amsterdam, such as the iconic Eden Hotel, The Lancaster Hotel, and The Manor.
The transaction is envisaged to be completed in the first half of Q3 2024 and is subject to customary closing conditions.
Guy Vardi and Yaniv Amzaleg, M&A Directors of Fattal and MD of Fattal European Partnerships, commented: “We are delighted to have been awarded this important mandate from KSL, which reflects very well on our ability to support deals of this nature - particularly in a highly competitive process. These new hotels will benefit from the synergies of being part of a much larger hospitality group, providing our guests with access to a robust portfolio of hotels in an increasingly attractive hospitality sector. Additionally, our investors can look forward to having strong returns from their investments as we continue to grow. By targeting properties that align with Leonardo's standards of excellence, the partnership seeks to curate a collection of industry-leading hotels.”
Alexander Kluit, Managing Director of Leonardo Hotels Benelux, said: “Zien’s hotels align seamlessly with Leonardo Hotels' vision of welcoming guests to unique, often city-centre locations. We recognize many similarities in the passionate management of these hotels and look forward to enhancing our brand alongside our new colleagues.”
Ronen Nissenbaum, CEO of Leonardo Hotels in UK, Ireland, Benelux, Spain, and Portugal said: "We are delighted with this portfolio deal in the Netherlands, which increases our number of hotels in the Benelux region to 28. Our group has seen remarkable growth in recent years, now comprising over 300 hotels across 21 countries, with further acquisitions to be announced in the coming weeks."
Martin Edsinger, Partner at KSL, commented: “We are excited to hand the reins of Zien Group to Fattal Group and Leonardo Hotels as a strategic long-term owner. We have long recognized the strength of the Netherlands hospitality market.”
Raphael Bihler, Senior Vice President at KSL, added: “It has been our honour to be part of the storied history of Zien Group and its iconic properties. We are confident that Leonardo Hotels will enable a new chapter of continued growth for the portfolio as part of a larger group.”
Image provided by REPUTATION-INC.
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