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Hampshire Hospitality sells the 175-room hotel under a sale & leaseback agreement
The American Hotel, located at Leidsekade 97 in Amsterdam, has been sold to Deka Immobilien GmbH, acting on behalf of its sister company WestInvest Gesellschaft für Investmentfonds mbH. It has been agreed to keep the purchase price confidential. The sale is a ‘sale & leaseback’ deal whereby the vendor Hampshire Hospitality has entered into a 25-year lease agreement with Westinvest.
Etienne Verkerk, CEO at Hampshire Hospitality about the sale: “The sale of the Amsterdam American Hotel is in line with our strategy to rebalance the owned properties in our portfolio with our leased, managed and franchised ones, while making funds available for further grow and acquisitions in the Benelux. The fact that we entered into a sale & leaseback agreement highlights our commitment to retain this unique property in our portfolio and we are looking forward to a constructive and fruitful collaboration with WestInvest and Deka Immobilien.”
For many decades, the American Hotel has enjoyed a great reputation and an outstanding location on the Leidseplein, cultural heart of Amsterdam. The Art Nouveau/Art Deco-style hotel is a four-star establishment with 175 rooms, which was designed by Dutch architects Willem Kromhout and Herman Gerard Jansen in 1902. Hampshire Hospitality acquired the property in 2005 [Formed after the merger between Eden Hotel Group and Hampshire Hotels in 2011]. Savills and Baker & McKenzie were assigned to oversee the transaction on behalf of Deka Immobilien GmbH. Together with Linklaters, Jones Lang LaSalle advised Hampshire Hospitality, the seller and lessee of the hotel.
Nard Schuddebeurs, Head of Capital Markets at Jones Lang LaSalle concludes: “The sale of the real estate of the Amsterdam American Hotel highlights the current appetite for prime income producing assets in The Netherlands. The ability to achieve a price that reflects our client’s expectations required a comprehensive understanding of the past and present operational performance of this hotel, as well as its future potential. Our strong knowledge of buyer intentions throughout Europe enabled us to ultimately recommending, and then running with the correct party in the final stages of the sales process. We experienced a strong level of demand, reflecting heightened investor interest in the Amsterdam hotel market, strongly driven by a year-on-year increase in trading fundamentals.”
Exclusively mandated by Hampshire Hospitality, Jones Lang LaSalle supervised the transaction using a team of Capital Markets specialists based in Amsterdam and colleagues at Jones Lang LaSalle Hotels based in London. Jones Lang LaSalle Hotels is an international frontrunner in the field of hotel transactions and is based in major cities like London, Paris, Frankfurt, Munich, Düsseldorf and Amsterdam. The organisation has 265 specialists who perform their activities in 43 offices in 20 different countries.
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