Avignon acquires hotel in Amsterdam
Avignon Capital, the European property investment firm, acquired the Hyatt Place Amsterdam Airport Hotel for €53.8m, expanding the firm’s footprint in the Netherlands.
The Hyatt Place Airport Amsterdam Hotel is located in the business district of Hoofddorp, which is home to 70 of the largest companies in the Netherlands. The hotel is located a five-minute drive from Schiphol airport, which is Europe’s third busiest and fastest-growing major airport hub.
The modern, purpose-built property was originally constructed in 2014 and covers 8,336 sqm. The 13-storey hotel contains 330 guest rooms and employs a select-service operating model, designed to minimise operating costs, while still providing the modern conveniences expected by today’s travellers.
This deal marks Avignon Capital’s third acquisition in the Netherlands, following the purchase of the NH Hotel Amsterdam in April 2017 and the OPCW Headquarters in The Hague in May 2017. The firm has identified the Netherlands as a focus area within its European expansion strategy, where it sees multiple real estate investment opportunities across a variety of sectors.
Patrick Flaton, CFOO at Avignon Capital, said: “Avignon Capital have seized a unique opportunity to acquire a modern, new generation hotel operated by a well-known brand.
“We have a track record of acquiring hotels with strategic locations in their respective cities, such as the Meininger hotels in Berlin and Frankfurt, so we are delighted to add the Hyatt Place Airport Amsterdam Hotel to our portfolio.
“The Netherlands is a market where we see deep-value and we will continue to explore investment opportunities in the region.”
The Hyatt Place Airport Amsterdam Hotel was purchased from Hillgate Investments. Volker Wessels performed the construction of the hotel. The vendor was advised by CBRE Hotels during this transaction.