Invesco announced on Thursday that it bought the 189-room Park Hotel Amsterdam for an undisclosed sum from Grand City Hotels & Resorts.
Invesco, Atlanta, said that Grand City Hotels & Resorts, Berlin, will continue to manage the 4-star business hotel under its current name.
“We are delighted with the acquisition of this hotel in the city center of Amsterdam, which is one of Europe’s strongest hotel markets with a true seven day market. The transaction fits the existing fund strategy well with its focus on fundamentals, being a quality mid-market hotel, good investment lot size, strategic location and stable income, as well as providing diversification to the portfolio in terms of market and brand,” said Erik Jacobs, associate director, hotel transactions, Invesco Real Estate. “Amsterdam is the largest city in the Netherlands, and the opportunity to buy this fully renovated mid-market boutique hotel in a prominent city, which benefits from strong corporate and leisure demand fits our strategy well. We believe the timing was optimal to acquire such a high quality asset at the low-end of the trading cycle in a strong marketplace.”
