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AXA IM - Real Assets and ATP acquire a large scale hotel development in Amsterdam

CGI of hotel development in Amsterdam
AXA Investment Managers - Real Assets has completed, in a 50/50 joint venture between ATP, Denmark's largest Pension Fund, and AXA Insurance Companies, the acquisition, by way of a forward purchase, of a hotel development in Amsterdam from COD who are developing the project jointly with Being Development.
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AXA Real Estate Investment Managers (AXA Real Estate)
AXA IM - Real Assets

Construction started in September 2016 with the sheet piling and the two layer underground parking garage, and the completion of what will be Benelux's largest hotel by room number is expected in the second half of 2019. Designed by renowned architecture firm OMA (founded by Rem Koolhaas), the 650-room, 4-star premium lifestyle, aiming to be BREEAM Excellent certified hotel will comprise conference facilities, a wellness centre, skybar & restaurant, a TV studio and parking garage. The hotel will be operated by Nhow, part of the NH Hotel Group, who has signed a pre-let on a long-term lease.

The Nhow Amsterdam RAI Hotel is expected to become an international hub for the business and leisure travellers. It will benefit from its location in Amsterdam's main business district of Zuidas and the World Trade Centre, adjacent to RAI Expo Centre. The accessibility of the area through its transport links will also drive increased leisure numbers; just nine minutes by train from Amsterdam Schiphol Airport and 15 minutes south of the city centre, with the arrival of a new North South train line in 2018 expected to further increase footfall.

Nathalie Charles, Regional Head of Asset Management & Transactions for Southern Europe, at AXA IM - Real Assets, commented: „Amsterdam is one of Europe's fastest growing and most dynamic cities and we are excited about growing our hotel footprint, following soon after the refurbishment inauguration of the NH Collection Grand Hotel Krasnapolsky in April 2016. It is an ideal location to build a large-scale and high-quality hotel, that is attractive to both corporate and leisure guests, alongside an operator who has established a market-leading reputation managing hotels across the region.“