Tristan Fund Acquires €92.1m Amsterdam Hotel
Source: Tristan Capital Partners Press Release
9 May 2022, London: Tristan Capital Partners’ EPISO 5 Fund has acquired the QO Hotel in Amsterdam.
The QO Hotel is a 288-key 4-star hotel and was one of the first hotels in Europe to achieve LEED Platinum status. The operator and tenant of the hotel will the Ruby Group, a German-based, pan-European hotel operator with 14 hotels in operation and a further 21 in development. The hotel will be rebranded to Ruby Emma. As part of the rebrand the public areas and facilities will be enhanced to include a bar/restaurant.
The hotel is in the Amstelkwartier which is part of an urban sustainability initiative led by the city of Amsterdam. The hotel includes a high-tech rooftop greenhouse, a living façade and 1,600 fully responsive thermal panels that adapt and react to external climates.
It is ideally located just five minutes from the De Pijp district which is home to a mix of bars and restaurants. The hotel benefits from great public transportation connections being located across from Spaklerweg underground station enabling 10-minute access to Centraal station, whilst the airport is a short (15 minute) car journey.
Kristian Smyth, Executive Director at Tristan Capital Partners, said: “This acquisition further advances our wider hotel strategy of acquiring high quality assets in great locations managed by best-in-class operators. Amsterdam was identified as a target market for us and through a combination of the quality of the asset and its location, we expect the asset to attract an even mix of tourist and business travel. On completion of the business plan, Ruby Emma will be one of the most attractive hotel offerings in the upper midscale market in Amsterdam.
“We look forward to partnering with such a high-quality operator in the Ruby Group and taking this partnership forward.”
Michael Struck, CEO & Founder of Ruby Group, added: “We’re delighted to be working with Tristan’s fund, our partner of choice, as we continue our expansion across Europe. Ruby’s lean luxury philosophy addresses a growing niche in Amsterdam’s highly competitive hotel market. In addition. Ruby Emma differentiates itself in the market through its exceptional sustainability supported by its unique building technology.”
The Fund was advised by Greenberg Traurig; PWC; Drees & Sommer; HVS; Longevity Partners.