Echo Partners has announced the acquisition of the Ammonite hotel in Amsterdam on behalf of its Echo fund.
The luxury hotel asset is a newly built hotel with 227 rooms, designed by renowned architect Roberto Meyer. The property will provide a return well above the fund's target of 5%, the company said in a statement.
Financial details were not disclosed.
Echo acquired the hotel with the option to conclude a new institutional contract with a renowned international hotel operator at the same time as the closing.
'This is the fourth acquisition since the launch of our fund in July 2019 and our first and certainly not the last hotel in Amsterdam. The Ammonite Hotel is a perfect complement to our existing hotel portfolio and very appealing to our investors attractive returns,' said Vitus Eckert, founding partner of Echo.