Tristan Capital Partners has acquired the QO Hotel in Amsterdam on behalf of its EPISO 5 fund.
The QO Hotel is a 288-key 4-star hotel. It was developed by Borealis Hotel Group and sold to Invesco Real Estate in early 2018.
The new operator and tenant of the hotel will be the Ruby Group, a Germany-based, pan-European hotel operator with 14 hotels in operation and a further 21 in development.
The hotel includes a rooftop greenhouse, a living façade and 1,600 fully responsive thermal panels that adapt and react to external conditions.
The fund was advised by Greenberg Traurig; PWC; Drees & Sommer; HVS; Longevity Partners.
Fund Details
Triston Capital Partners European Property Investors Special Opportunities 5 (EPISO 5) fund closed in 2019, raising €1.68 billion.
The value-add/opportunistic fund’s mandate is to generate a 12-14% triple net annual return by investing in western and central European real estate markets across the office, logistics, retail and residential sectors.
In the last few months, the fund has acquired logistics assets in Northern France, an office portfolio in Brussels and a senior living development in London. The fund also bought the Qbic hotel in Manchester, which is being rebranded as Yotel and operated by Hamilton Hotel Partners.
What They Said
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, said: “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.”