TCP acquires Amsterdam’s QO Hotel for €92m

TCP acquires Amsterdam’s QO Hotel for €92m

[Credit: Tristan Capital Partners]

The Netherlands: Tristan Capital Partners (TCP) via its EPISO 5 Fund has purchased the QO Hotel in Amsterdam for €92.1 million. 

The 288-key hotel was one of the first hotels in Europe to achieve LEED Platinum status. It is located in the Amstelkwartier, part of an urban sustainability initiative led by the city of Amsterdam. 

Key sustainable features include a high-tech rooftop greenhouse, a living façade, and 1,600 thermal panels which adapt and react to external climates.

QO will be repositioned under the German-based Ruby Hotels brand, which has 14 hotels in operation and 21 in development across Europe. 

As part of the renovation, Ruby Emma will include a bar and restaurant and all public areas and facilities will be updated. 

Kristian Smyth, executive director at TCP, 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 and founder of Ruby Hotels, 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, and Longevity Partners.

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