AXA Investment Managers Buys Amsterdam City Centre Doubletree by Hilton Amsterdam

Main Photo: The DoubleTree by Hilton Amsterdam Central Station

Date: July 2019

Location: Central Station, Amsterdam, The Netherlands

Name: The DoubleTree by Hilton Amsterdam Central Station

No. of Keys: 557, including 48 suites

Seller: Chinese insurer Anbang, who bought the hotel from Blackstone for €350m in June 2017. The hotel was built in 2011.

Buyer: AXA Investment Managers – Real Assets, a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, announces that it has completed the acquisition, on behalf of clients, of a prime hotel in Amsterdam city centre. The hotel is operated by Hilton under its Doubletree brand on a long-term management agreement.

Built in 2011, the DoubleTree by Hilton Amsterdam Central Station is a modern full-service hotel comprising 29,710 sqm and offering 557 bedrooms, including 48 suites, all with floor-to-ceiling windows. Features of the well-maintained property include 15 meeting rooms, an executive lounge, a 100 sqm fitness centre and three restaurants as well as a rooftop bar and terrace with views over the River IJ and across the city. There is also an independently owned and operated car park, with 1,355 public parking spaces, located beneath the hotel.

The prominent hotel benefits from a prime city centre position in Amsterdam, directly adjacent to Amsterdam Central Station and with the city’s abundance of tourist attractions all within easy walking reach. The asset’s accessibility is further enhanced by tram and metro connections, while Amsterdam Schiphol Airport is 20 minutes away by train or car. In addition to its strong cultural draw, Amsterdam is also a thriving business hub and home to the headquarter offices of a number of major international corporations, meaning that the DoubleTree by Hilton Amsterdam Central Station is equally popular with both business and leisure travellers.

The DoubleTree by Hilton Amsterdam Central Station adds to AXA IM – Real Assets’ over €3 billion portfolio of hotels across eleven countries that it manages on behalf of clients, and is the fifth addition to its Amsterdam hotels portfolio, which includes the iconic Grand Hotel Krasnapolsky. AXA IM – Real Assets’ hotels are predominantly operated by leading hotel brands through various different contracts, from traditional leases to management and franchise agreements.

Crispijn Stulp, Country Head, Netherlands at AXA IM – Real Assets, commented: “The DoubleTree by Hilton Amsterdam Central Station is a truly core asset benefiting from a prime position in a key European capital city that demonstrates favourable long-term fundamentals. Amsterdam is one of Europe’s fastest growing and most dynamic markets drawing a balanced mix of both leisure and business visitors, making it an ideal destination in which to expand our hotel footprint and an attractive addition to our income-producing managed portfolio. Having welcomed guests for over eight years, this hotel already has a strong track record and we now look forward to working closely with our operating partner whilst drawing on our own depth of experience in managing such assets to further enhance its return potential for the benefit of our clients.”

Price: €425m

Price per Key: €763,016

THPT Comment: A great buy for Axa Investment Managers – Real Estates of the DoubleTree by Hilton in Amsterdam, a very iconic hotel by design. A healthy price per key.

First Seen: Property Funds World

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