The Andaz Amsterdam Prinsengracht hotel has changed hands, with a consortium of Asian buyers grabbing the opportunity to buy a luxury property in the central canal district of the Dutch gateway city.
The 122 room hotel was created by combining two of the city’s traditional canalside buildings. Hyatt operates the property under a long term lease, as a flagship for its Andaz brand in the European market. It was sold by Invesco Real Estate, which has owned the hotel since 2019.
A Sale in a Closely Held Market
During its ownership, Invesco has carried out a number of enhancement projects to improve the hotel, including a refreshed entrance area, and more efficient heating and cooling plant. The company says the disposal was driven from a need to recycle investments in a specific fund, not because it has lost any enthusiasm for hotel investment.
“We continue to take an active approach to our European hotel portfolio, including remaining disciplined in sales and reinvestment as we aim to deliver enhanced returns for our investors,” commented Christopher Brassington, a senior director in fund management at Invesco Real Estate. “The travel dynamics across Europe continue to create investment opportunities and we will redeploy this capital into new assets across Europe.”
The buyer is a consortium led by Singapore’s First Sponsor Group, which already has a number of European assets. While it is buying a mature hotel investment, the consortium will take confidence from the property’s direct lease with Hyatt, a global hotel major. Investors will also be eyeing the likelihood of a capital appreciation, as hotel development in the central area of Amsterdam is effectively prevented by planning restrictions.
That’s not to say that there are no hotels being built around Amsterdam – it is just the central area that is restricted. Wilde Aparthotels is just about to open a 120 unit extended stay hotel in a 31 storey tower, to the north of the city. And, at the city’s airport, Marriott is planning to add a 175 room Fairfield by Marriott, converting an existing building.
Those with skin in the game are also ensuring they stay match fit. Hilton closed its 271 room Hilton Amsterdam Apollolaan for a major refurbishment, due for completion in late 2026.
And there are rebranding and conversions as smart ways into the city’s hotel market. Mandarin Oriental has agreed a rebrand of the city’s Conservatorium Hotel, which has been undergoing a rolling refit in recent months.
Accor Expands in Amsterdam
During 2027, Accor will launch two major hotels in the city. Its Sofitel Legend The Grand Amsterdam will reopen in 2027, following a major upgrade. And Mama Shelter Amsterdam will open in the north of the city, with 150 rooms in two categories.
The Nobu brand will also be adding its presence in Amsterdam, with a residences project. Nobu Residences Park Meadows, on the city’s southern ring, will have 213 units offering the opportunity for ownership, along with a Nobu branded service for those planning a longer stay in the city.
