Date: March 2018
Location: Close to The World Forum, The Hague, Netherlands
Name: The Hague Marriott Hotel – four star
No. of Keys: 306
Seller: A US Investment Trust…The Operator is Bel Air Den Haag Beheer BV, which will become an indirect subsidiary of YTL Power, upon completion of the acquisition.
Buyer: YTL Corporation Berhad, owner of several European & Malaysian Hotels, including The Threadneedles in London, branded under Marriott’s Autograph Collection, the boutique Bray House in Berkshire, England, JW Marriott and Ritz Carlton in Kuala Lumpur, Malaysia, three Marriotts in Australia and the Vistana by YTL Hotels chain.
The Money Island in Bray, Berkshire is due to re-open in 2018.
YTL Corporation is headed up by Tan Sri Dato (Dr) Francis Yeoh Sock Ping, who grew the parent company from a single listed entity in 1988 to five listed companies and one of the largest conglomerates in Malaysia. In 2006 he was awarded the CBE by Queen Elizabeth II, here in the UK. The hotel division is run by Datuk Mark Yeoh as Executive Director.
YTL were advised by JLL.
Price: Undisclosed…around €60m
Price per Key: around €200,000
THPT Comment: Hotel transaction volumes in the Netherlands in 2017 more than doubled on 2016, reaching approx €1.8bn. In 2017 RevPAR grew by 12% in The Hague, with average occupancy in the city ranging from 67% to 72%, according to Property Magazine Intl.
First Seen: Property Magazine Intl