AXA Real Estate Investment Managers is paying NH Hoteles €157m for central Amsterdam’s NH Grand Hotel Krasnapolsky on behalf of two clients, one European and the other Asian.
The 40,000 m2 hotel has 468 rooms and suites as well as 2,300 m2 of conference, banqueting and meeting rooms.
AXA Real Estate’s specialist hospitality asset management team, which manages a €2bn portfolio of 101 hotels across Europe, will manage the asset. NH Hoteles will remain as the hotel’s operator, having signed a 25-year management contract.
NH Hoteles and AXA Real Estate will also spend €38m on refurbishment and repositioning. The project will start next year and be completed by 2017.
AXA Real Estate’s European head of transactions, Riccardo Dallolio, said: “The NH Grand Hotel Krasnapolsky is a landmark asset in an absolutely prime location within one of Europe’s most dynamic capital cities, but is in need of substantial capital expenditure and real estate expertise to unlock its inherent value.”
