Invesco Real Estate has sold the Andaz Amsterdam Prinsengracht, a 122-room luxury hotel in the heart of the Canal District in Amsterdam. The asset has been sold on behalf of Invesco Real Estate’s European Hotel Fund (EHF) to a consortium of investors led by First Sponsor Group.
The Andaz Amsterdam Prinsengracht hotel is operated under a long-term lease agreement directly with Hyatt Hotels and is one of the flagship assets for Hyatt’s Andaz brand in Europe. The 10,618-square-meter (114,291-square-foot) gross floor area (GFA) hotel, which is split over two conjoined buildings, also includes office space of 1,374 square meters (14,790 square feet), which is fully leased to various independent tenants.
The property was acquired by Invesco in 2019 as the fund’s anchor and flagship asset to provide lower-risk and stable cash flows. Under its ownership, Invesco invested in a number of upgrades, including repositioning the reception and entrance, sustainability upgrades
