London-based fund manager Metric Capital Partners has invested in the expansion plans of Dutch hotel developer TVHG Budget Group Beheer. The size of the investment - in the form of a credit instrument with equity participation - was not disclosed.
London-based fund manager Metric Capital Partners has invested in the expansion plans of Dutch hotel developer TVHG Budget Group Beheer. The size of the investment - in the form of a credit instrument with equity participation - was not disclosed.
TVHG has an initial, contracted pipeline of 19 select-service hotels in the Netherlands. The hotels are in locations throughout the country, including Amsterdam, The Hague, Rotterdam and Eindhoven. Each of the hotels will carry an international brand, including Holiday Inn Express, Hampton by Hilton, IBIS, Aloft and Courtyard by Marriott.
The new investment will allow TVHG to develop more hotels in the Netherlands with a development value in excess of EUR 120 mln. The hotels are managed by Interstate Hotels & Resorts, who are already a minority shareholder in TVHG.
The TVHG business model is largely based on benefiting from the stress created by the excess of office supply, which offers financially interesting opportunities in preferred locations. The model further focuses on the shortage of branded budget hotel stock in the Netherlands.
Bart van de Kamp, CEO of TVHG said: 'We are extremely happy with Metric as partners. We required their investment, financial strength and expertise to further expand our business, not only in the Netherlands but also in Belgium, Luxemburg and France. Their investment and expertise will further facilitate our growth.'
