ATP Involved in Mega Hotel Project in Benelux
Posted on 04/23/2017
Danish institutional investor ATP and AXA Investment Managers formed a 50:50 joint venture to acquire a massive hotel project in Amsterdam, located in the main business district of Zuidas. Zuidas is home of the World Trade Center Amsterdam. The project aims to be the largest hotel, measured by the number of rooms, in the Benelux region. The hotel project when finished will operate under the name Nhow Amsterdam RAI Hotel with 650 rooms. The hotel will be managed by Nhow, part of the NH Hotel Group, which signed a pre-let on a 25-year long-term lease. The expected completion date is the second half of 2019.
The real estate developer COD (also known as Cradle of Development) sold the project by means of a forward purchase. The buyers were represented by Loyens & Loeff.
Paris-based AXA has worked with ATP in the past. The two mega investors had co-invested in two London hotels in 2016.