Acacia Point Capital Structures Dutch Hotel Acquisition
Acacia Point Capital has structured the acquisition and forward-funding of a Holiday Inn Flight Forum hotel development at Eindhoven Airport. Holiday Inn is part of the InterContinental Hotels Group (IHG), which has more than 5,000 hotels across the world.
Eindhoven Airport is the Netherlands’ second largest airport, recording almost 6.2 million passengers in 2018, reflecting 9% year-on-year growth.
The 180-room hotel project is let for 25 years to German hotel group, GS Star, who will operate the hotel as a Holiday Inn on a franchise from IHG. On-site works have commenced and the hotel is anticipated to be operational in Q4 2019.
The property was acquired on an off-market basis from a Dutch private investor. The hotel was designed by MIII Architects, developed by Onis Vastgoed and will be constructed by BAN Bouw.
Tim Klaassen, Investment Manager of Acacia Point Capital commented “We continue to acquire high quality core investment properties for our institutional capital partners. This is a fine investment, underpinned by Eindhoven airport’s increasing growth in passenger numbers, having recorded its 10th successive year of growth in passenger numbers in 2018. Holiday Inn will serve both business and touristic clientele and will provide secure income for a minimum period of 25 years. Our extensive network of local market participants and our track record as a diligent and reliable counterparty, enable us to secure off-market opportunities in a competitive market.”