Leonardo Hotels has entered into a purchase agreement to acquire the Zien Group and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners as well as its partner Garden Capital Group.
The acquired platform consists of five hotels in Amsterdam and several hotels in top locations in major cities such as Rotterdam, The Hague, Eindhoven, Groningen and Maastricht. The acquisition includes the transfer of well-known hotels in Amsterdam such as the iconic Eden Hotel, The Lancaster Hotel, and The Manor.
Following completion of the transaction which is expected in the first half of Q3 2024, Leonardo’s portfolio in the Benelux region will comprise 28 hotels.
KSL acquired a majority interest in Zien in December 2021.
What they said
Ronen Nissenbaum, CEO of Leonardo Hotels in UK, Ireland, Benelux, Spain and Portugal said: “We are delighted with this portfolio deal in the Netherlands. Our group has seen remarkable growth in recent years, now comprising over 300 hotels across 21 countries, with further acquisitions to be announced in the coming weeks.”
Martin Edsinger, partner at KSL added: “We are excited to hand the reins of Zien Group to Fattal Group and Leonardo Hotels as a strategic long-term owner. We have long recognized the strength of the Netherlands hospitality market.”
Guy Vardi and Yaniv Amzaleg, M&A directors of Fattal and MD of Fattal European Partnerships added: “We are delighted to have been awarded this important mandate from KSL, which reflects very well on our ability to support deals of this nature - particularly in a highly competitive process. These new hotels will benefit from the synergies of being part of a much larger hospitality group, providing our guests with access to a robust portfolio of hotels in an increasingly attractive hospitality sector. Additionally, our investors can look forward to having strong returns from their investments as we continue to grow.”