Investment firms Metric Capital Partners and Hutton Collins Partners announced that they are investing in The Vincent Hotel Group Budget Group Beheer BV (TVHG), Amsterdam, via a €120 million (US$151 million) credit instrument to fund expansion.
New TVHG hotels will be under international brands and managed by Interstate Hotels & Resorts, Arlington, Virginia, itself a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang.
TVHG said its business model is largely based on benefiting from the stress created by the excess of office supply in the Netherlands, which has a shortage of branded budget hotel stock.