21 Dec 2016
The Bouwinvest Hotel Fund has expanded its portfolio to four assets with the acquisition of the budget hotel Stayokay Zeeburg in the eastern Indische Buurt neighbourhood of Amsterdam from Stichting N.J.H.C. Beheer.
Bas Jochims, Head of Asset Management Hotels and Offices at Bouwinvest said: “Stayokay has been welcoming Dutch and international visitors for over 85 years. With around one million guests staying at Stayokay hotels each year, it is the largest provider of budget lodging in the Netherlands, making it an attractive partner within the Bouwinvest fund.”
Stayokay Zeeburg is located in a former school building built around 1900 and has a gross lettable area of about 7,500 sqm. divided into three elevated floors, a ground floor and a basement. The hotel has its own café, restaurant and six meeting rooms and shares the building with a cinema and a theatre owned by Stichting Ymere (5,900 sqm.) and a small office of about 900 sqm. The asset was completely renovated in 2007 and recently underwent an expansion of 20 rooms, bringing the total to 112.
Stayokay’s ambition to become the most sustainable and socially responsible hotel chain in the Netherlands, and a CO2 neutral organisation, makes it a natural partner for Bouwinvest, which has a strong focus on these qualities in its real estate portfolios.
Bouwinvest targets successful and experienced hotel operators to underpin the value of its investments. The long leases common in the hotel industry, combined with the strong brand association many hotel operators develop with their buildings, means the fund is able to deliver solid and stable investment returns over the long-term.
Further growth in the fund’s portfolio is projected for 2017, particularly in Amsterdam, which is the strongest hotel market in the Netherlands. Bouwinvest currently has two operating hotels in the Dutch capital: Roommate Aitana and Casa400. Two other hotels; the Meiniger Hotel located in the Amstel Tower close to the city’s south eastern Amstel station, and Premier Suites / Hourglass located in Amsterdam Zuidas, are under construction.