HVS Hodges Ward Elliott is pleased to announce that, acting in cooperation with the owner and Hatfield Philips International, it has successfully arranged the sale of the 253-bedroom Kurhaus Hotel in The Hague to the Amrath Hotels Group for ¬32.6m.
One of the most iconic hotels in the Netherlands, the historic Kurhaus served as collateral for the ‘Kurhaus Loan’, which was securitized in Titan Europe 2006-3 plc. The selling price represents a premium of over 35% to the last reported market value to noteholders.
The hotel was previously operated under a management agreement by Steigenberger Hotels, which was terminated as part of the sale. The property has now been rebranded as the Grand Hotel Amrath Kurhaus and is set to undergo a substantial investment program to restore it to its former glory.
The Amrath Hotels Group is a private hotel owner and operator with 16 hotels in the Netherlands including the Grand Hotel Amrath in Amsterdam and the Amrath Grand Hotel de l’Empereur in Maastricht.
HVS Hodges Ward Elliott is a joint venture between the leading international hotel consultancy firm HVS and the leading US hotel real estate brokerage and investment banking firm Hodges Ward Elliott. One of the leading hotel brokerage firms in Europe, HVS Hodges Ward Elliott acted on hotel transactions worth over ¬1 billion in the last 18 months.