Two hotels in the Belgium city of Antwerp, the Radisson Blu and the Park Inn, have been sold for a total of €48 million.
Global investment firm KKR, bought both city centre hotels from Elbit Imaging Ltd, in a deal that solidifies investor appetite for assets in European cities outside of the mainstay metropolises such as London and Paris.
“This transaction is demonstrative of international capital targeting prime assets within secondary European cities,” said Adam Wilson, Vice President of JLL’s Hotel and Hospitality Group.
“It is a trend we are seeing, partly as a result of intense competition for real estate in gateway cities such as London and Paris. We have also seen investors becoming more relaxed to management encumbered investment opportunities, whereas 12 to 24 months ago they were perceived as being less attractive.”
JLL recently forecast close to $25billion in hotel trades in EMEA in 2015, up from $21.5bn in 2014 – 36 percent of all hotel transactions globally. The city of Antwerp is the second largest urban centre in Belgium with a population of 1.2 million. It is a commercial and cultural hub in the Flemish region and it continues to grow – the area attracted 1.54 million tourists in the first three quarters of 2014, a 6.6 percent increase on the same period in 2013.
Located in the heart of the cultural district near Astrid Square and directly across from the Antwerpen Centraal Station, the hotels collectively boast a gross internal area of over 36,000 sq m.
The four-star Radisson Blu hotel has 247 rooms, 18 conference rooms and a ballroom, while the smaller, but newly refurbished, Park Inn by Radisson has 59 rooms.