Aberdeen Asset Management has decided to transform the largest vacant office building in Amsterdam into a hotel for an investment of about EUR 25 mln.
Aberdeen Asset Management has decided to transform the largest vacant office building in Amsterdam into a hotel for an investment of about EUR 25 mln.
The 28,000 m2 property - known as 'The Dam' - is located in the Sloterdijk district in the west of the Dutch capital. It was the former headquarters of Dutch telecom firm KPN. It has been vacant for about 18 months.
Aberdeen, acting on behalf of the building's owner, German open-ended real estate fund Degi Europa, plans to have it converted into a 478-room hotel with 4,000 m2 of conference and meeting space and a 900 m2 ballroom.
The Rezidor Hotel Group, part of Stockholm-listed Carlson Rezidor Hotel Group, has signed a long-term agreement to undertake the hotel conversion and operate it as the Park Inn by Radisson Amsterdam.
Colliers International advised Degi Europa-Aberdeen and brokered the deal with Rezidor.
Kurt Ritter, president & CEO of Rezidor, said: 'Amsterdam is the third hotel market in Europe and is very attractive for both the business and tourist markets, making the city a focus for Rezidor. The new Park Inn is situated in a very visible location in Amsterdam-West - just a few minutes from Amsterdam Schiphol airport and the city - and ideally suited for conferences and meetings. The hotel will strengthen our brand awareness in the Benelux'.
