Main Photo: The Radisson Blu Astrid
Date: May 2019
Location: Antwerp, Belgium
Name: Radisson Blu Astrid and Park Inn Antwerp
No. of Keys: 253 and 59
Seller: KKR’s Real Estate Partners Europe
Buyer: Capital France Hotel, a specialist hotel investment vehicle asset managed by Schroders Real Estate Hotels.
Schroders already owned a minority interest in the two properties through their acquisition of Algonquin in 2018, after KKR and Algonquin had acquired the subject properties together in June 2015.
The Radisson Blu recently underwent an €11 million renovation of guestrooms and public spaces, and both hotels will continue to be managed by Radisson Hotels.
Just last month the joint acquisition of the Aloft Hotel Brussels Schuman, “a pioneer in Europe, the lifestyle office and one of the best establishments in the Belgian capital “.
Opened in 2010, the hotel has 150 rooms and an excellent location in the heart of the European district, close to the European Commission. The hotel caters to the new generation of travellers looking for lively and affordable common spaces, thus attracting both business and leisure tourism.
The hotel is currently under a Marriott management contract and the wish of all parties is to switch to a franchise agreement after completing a major works plan. The hotel is also expected to benefit from synergies resulting from the presence of Schroder Real Estate Hotels in Brussels.
As part of this off-market sale, the sellers (the Thornsett and RevCap groups) were advised by the law firm Racine and EQ Group. The advice of the purchasers was Loyens & Loeff , PWC , Arago and Ideact.
“The concept of the hotel has demonstrated its resilience during the hotel crisis of 2016 in Belgium. We are also delighted to consolidate our partnership with Marriott through a new franchise agreement that we should sign very soon with the Aloft brand that we find highly relevant, “says Frédéric de Brem , director of Schroder Real Estate Hotels.
Bertrand Pulles and Matthieu de Lauzon , Managing Partners of Extendam add: “We are very pleased to continue our partnership with the Schroder Real Estate Hotels teams and to acquire our first hotel in Brussels through an off-market opportunity that fits perfectly to our beauty criteria: a business hotel located on a premium location in a major European city”
THPT Comment: Schroders showing continued strength in the European market.
First Seen: Property Magazine International
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