pbb Deutsche Pfandbriefbank (as Lead Manager) and Deutsche Hypo (as Co-Lead Manager) provided loans totalling €135 million to various special purpose entities of Fentonir Trading and Investments Limited, for the refinancing of the new W Hotel in Amsterdam. pbb provided €85 million of the total facility, with Deutsche Hypo providing the remaining €50 million. The closing of the transaction took place in July 2016.
The new five-star W Hotel Amsterdam is located in Amsterdam's old town, right opposite the King’s Palace. The former Telephone Exchange Building and the for-mer Kas bank building were developed to create the new hotel. Following a partial opening in the autumn of 2015, the project was completed in May 2016. The hotel has 238 rooms, three restaurants, a "W Lounge" located on the sixth floor, plus conference facilities and retail space. It also offers a modern gym and spa area covering 620 m². The hotel facilities are operated by Starwood. Liran Wizman's Europe Hotels Private Collection and Entourage Group, which have considerable experience in Amsterdam, operate the restaurants and retail facilities.
In 2015 the Dutch capital Amsterdam was ranked fifth amongst the top ten Euro-pean city destinations, in terms of overnight stays, after London, Paris, Istanbul and Barcelona. Amsterdam is the Netherlands' economic hub and cultural centre, hosting numerous institutions and enterprises as well as internationally renowned museums. Through Schiphol, Europe's fourth-largest airport, the city is closely connected to the international air travel network. Amsterdam's hotel market has grown steadily over the last four years, reaching an occupancy ratio of approxi-mately 78%.
Norbert Müller, Head of pbb's Real Estate Finance – Continental Europe West unit, said: "pbb maintains a dedicated team of sector experts for hotel financings. They have enabled the Bank to finance hotels in Hamburg, Vienna and Amster-dam over the past few months. W Hotel Amsterdam enjoys a top location, and is run by a seasoned operator. We are thus pleased to support this development as a banking partner to this transaction. The Dutch market offers a wide variety of op-portunities: pbb is happy to provide finance to selected partners, and for the right property."
Sabine Barthauer, Executive Manager at Deutsche Hypo, added: "The appeal of the new W Hotel is the combination of a historical building with modern design. We are delighted to be financing the W brand's first hotel in the Netherlands. The property complements our attractive portfolio of hotel financings; the transaction meanwhile showcases our significant expertise in this asset class, also in the Netherlands."
Liran Wizman, Fentonir Trading and Investments Limited said: “The W Hotel Am-sterdam is a crown jewel to any portfolio. We are very proud of this hotel and very happy to finance this unique property and deepen our relationship with pbb Deutsche Pfandbriefbank and Deutsche Hypo”.
