Cedar Capital Partners Acquire Iconic Amsterdam Hotel for €45m

Main Photo: The Lloyd Hotel Amsterdam

Date: August 2019

Location: Eastern Docklands, Amsterdam, The Netherlands

Name: The Lloyd Hotel

No. of Keys: 120

Seller: Private investor Rocco Veenboer, of Monumental Bricks

A unique historic building, designed by Evert Breman, originally opened in 1921 and primarily served as a hotel for emigrants. Following the bankruptcy in 1935, the scheme was taken into use by the Municipality of Amsterdam. Leading up to re-opening in 2004, it was used as a shelter for refugees, a German prison, house of detention (for adults and later also for minors) and artists studios.

Cushman & Wakefield advised Rocco Veenboer on the acquisition of the hotel in 2016 which was followed by the acquisition of the operating company a year later.

Since its opening in 2004, the Lloyd Hotel & Cultural Embassy was an international trendsetter in the hotel and cultural sector. Suzanne Oxenaar and Otto Nan, the then owners: “We are proud of the hotel, which has become a true home for Amsterdammers and international guests. The plan for a hotel with a Cultural Embassy has succeeded; in cooperation with artists and cultural organisations a cultural hub has been added to the Netherlands that is never-asleep. We are very pleased that Rocco appreciates the current concept so we can confide the hotel to him.”

Rocco is known as the founder of house & techno-event Awakenings, which attracts 150.000 visitors annually. With (interior) architects, Veenboer wanted to develop a spectacular design for the restaurant and terrace.

Buyer: A consortium led by Cedar Capital Partners has acquired The Lloyd Hotel in the Eastern Docklands of Amsterdam.

The 8,300 sqm hotel has 120 rooms and dates back to 1918.

The seller has been commercially advised by international real estate advisor Cushman & Wakefield and legally by DLA Piper. The consortium led by Cedar Capital Partners was legally assisted by Loyens & Loeff in the acquisition of the hotel.

The sale was realised through a sale of the shares in the Opco/Propco structure.

The property is easily accessible by private and public transport and enjoys close proximity to Central Station.

Cedar Capital Partners focuses exclusively on investment in the hotel industry. The firm, which was founded in 2004, invests in and asset manages full service and luxury hotels. The company is headed up by Ramsey Mankarious, who was previously Executive VP of Acquisitions & Development for Kingdom Holding where he was jointly responsible for the company’s $2.5 billion hotel investment and asset management.

Since inception, the firm’s principals have acquired hotels with a value in excess of €3 billion and have maintained a consistent track record of strong performance and value creation.

The firm’s principals have worked in nearly every major hotel market in the world and some of their assets include/included Monte Carlo Grande, The Savoy London, Mandarin Oriental Prague and the Sofitel Le Faubourg Paris amongst many others.

Price: €45m

Price per Key: €375,000

THPT Comment: Cedar Capital have an impressive roster of world-class hotels they have acquired or been involved with over the past 15 years. This stylish Amsterdam hotel, The Lloyd, is an interesting addition for them.

First Seen: Europe Re

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