Europe's largest property asset manager AXA Real Estate has acquired the NH Grand Hotel Krasnapolsky in Amsterdam.
Europe's largest property asset manager AXA Real Estate has acquired the NH Grand Hotel Krasnapolsky in Amsterdam.
The €157 mln purchase has been made on behalf of an unnamed European and Asian client. The vendor is Spanish-based hotel operator NH Hoteles.
The building is situated on Amsterdam’s historic Dam Square and comprises 468 rooms with an additional 2,300 m2 of conference and banqueting facilities.
Under the terms of the transaction, NH Hoteles will remain the hotel’s operator, having signed a 25-year management contract. The hotel will also undergo a €38 mln refurbishment, due to be completed by 2017.
The investment will be managed by AXA Real Estate’s specialist hospitality asset management team, which currently manages a €2 bn portfolio of 101 hotels across Europe.
AXA Real Estate’s European head of transactions Riccardo Dallolio hailed the new deal. ‘This transaction highlights the leadership that AXA Real Estate is taking on sourcing, structuring and executing value-add transactions,’ he said. ‘
‘This is a landmark asset in an absolutely prime location but is in need of substantial capital expenditure and real estate expertise to unlock its inherent value. We have brought together two likeminded investors who understand the inherent opportunity presented by this asset and want to use the combined expertise of NH Hoteles and AXA Real Estate to create value by delivering a truly institutional quality asset.’
