23 April 2015
“Amsterdam is the strongest hotel market in the Netherlands and indeed one of the most attractive in Europe.” said Bas Jochims, Head of Asset Management Offices/Hotels at Bouwinvest. “The Meininger chain is a leading operator in the three-star segment of the market and this investment fits squarely into the strategy of the Bouwinvest Hotel Fund in selecting stable assets in locations with high demand for accommodation and anchored by secure long-term covenants. We are actively looking to increase the share of hotels in our real estate investment portfolio.”
Bouwinvest has acquired a 186-room hotel over the six lower floors of the 100-metre high Amstel Tower, being developed by local firm Provast, in the business district adjacent to Amsterdam’s Amstel railway station to the southeast of the city’s centre. German hotel chain Meininger has signed a 25-year lease for the space in its second investment in the Dutch capital. Meininger also has a hotel next to Amsterdam Sloterdijk Station in the west of the city.
Provast won the tender for the €66 million project to develop the Amstel Tower from Amsterdam City Council in 2013 and construction work is due to begin at the end of this year, with completion scheduled for late 2017. Residential apartments will occupy the upper floors of the building and Provast will also develop a parking garage with 171 spaces at the site. A new bus station will be realised by the city council on the roof of the parking garage.
The striking design of the Amstel Tower, by the Powerhouse Company architectural bureau, incorporates the highest modern sustainability standards and complements the neighbouring cluster of high-rise development of the Mondriaan, Breitner and Rembrandt towers, that houses leading international companies including the corporate headquarters of Dutch multinational Philips. The Provast project is intended to be a catalyst for the further development of the urban area around the historically listed Amstel Station, close to the Amstel River.
Hans de Jong, Partner at Provast said: “Close cooperation with our investment partners Bouwinvest, for the hotel, and Vesteda, for the apartments, has allowed us to proceed with the development of the Amstel Tower, which is our second major project launched in Amsterdam this year. This building will be a stunning addition to the city’s skyline and spur the sensitive redevelopment of the surrounding area.”
CBRE Hotels and law firm Loyens & Loeff advised Provast on the hotel investment.