Europe's KKR, Algonquin make two buys in Antwerp

Global investment firm KKR has announced the purchase of the Radisson Blu Astrid Hotel and the Park Inn Hotel in Antwerp, Belgium, in a joint venture with Algonquin, an independent hotel group with offices throughout Europe. Both the 247-room Radisson Blu and the 59-room Park Inn are situated on Astrid square, opposite Antwerp’s international Central Station.

Guillaume Cassou, head of European Real Estate at KKR, said of the deal: “Antwerp’s status as a business hub and a leisure destination makes these hotels attractive investments. As the city continues to develop its infrastructure, including with a new conference centre, we believe demand for the hotel market will continue to grow. This acquisition represents an exciting first step in KKR’s partnership with Algonquin, and both groups are looking forward to doing more together across Europe.”

Jean-Philippe Chomette, founder and CEO of Algonquin, added: “This double acquisition marks the beginning of what we hope to be a long and successful partnership with KKR.”

In a press release, KKR states that Antwerp is a "key tourist destination, with a diverse range of cultural attractions and leisure facilities. The city also has a large corporate market, with the second largest sea port in Europe, the second largest petrochemical cluster globally and the largest diamond trading hub in the world. In addition, the city is a growing destination for conferences and fairs, and is due to grow further with the planned opening of a conference centre in 2017."