Avignon Capital has acquired the Hyatt Place Amsterdam Airport Hotel for $61.4 million from Hillgate Investments.
The vendor was advised by CBRE Hotels while Avignon Capital was advised by Haagstate Advocaten during the transaction.
This deal marks Avignon Capital’s third acquisition in the Netherlands, following the purchase of the NH Hotel Amsterdam in April 2017 and the OPCW Headquarters in The Hague in May 2017. The firm has identified the Netherlands as a focus area within its European expansion strategy, where it sees multiple real estate investment opportunities across a variety of sectors.
“We have a track record of acquiring hotels with strategic locations in their respective cities, such as the Meininger hotels in Berlin and Frankfurt, so we are delighted to add the Hyatt Place Airport Amsterdam Hotel to our portfolio,” Patrick Flaton, CFOO at Avignon Capital, said in a statement. “The Netherlands is a market where we see deep-value, and we will continue to explore investment opportunities in the region.”
The Hyatt Place Amsterdam Airport was originally constructed in 2014 by Volker Wessels and covers about 90,000 square feet. The 13-story hotel has 330 guestrooms and uses a select-service operating model in order to minimize operating costs.
On July 3, Avignon Capital sold the office building and retail asset Fontanella in Barcelona for $74.2 million. The 87,000-square-foot property on Plaça de Catalunya was leased to the Government of Catalunya and occupied by the Tax Administration of Catalunya since Avignon Capital acquired the property in Q1 2013. The sale coincides with the company’s asset management strategy to gain strong returns on equity for investors.