HVS Hodges Ward Elliott, in cooperation with the owner and Hatfield Philips International, arranged the sale of the 253-room Kurhaus Hotel in The Hague to the Amrath Hotels Group for $38.5 million.
The historic Kurhaus served as collateral for the ʻKurhaus Loan,ʼ which was securitized in Titan Europe 2006-3. The selling price represents a premium of over 35 percent to the last reported market value to noteholders.
The hotel was previously operated under a management agreement by Steigenberger Hotels, which was terminated as part of the sale. The property has now been rebranded as the Grand Hotel Amrath Kurhaus and is set to undergo a substantial investment program .
The Amrath Hotels Group is a private hotel owner and operator with 16 hotels in the Netherlands including the Grand Hotel Amrath in Amsterdam and the Amrath Grand Hotel de lʼEmpereur in Maastricht.