International law firm SJ Berwin’s real estate division has advised Invesco Real Estate on its acquisition of its first hotel in The Netherlands, the Novotel World Forum in The Hague, on behalf of Invesco’s hotel fund. SJ Berwin advised on corporate and hotel lease related aspects of the acquisition with Dutch firm, Boekel de Nerée, advising on Dutch real estate matters.
The hotel, with associated convention centre facilities was acquired from TCN, a leading Dutch real estate development company with a simultaneous lease restructuring and extension with the existing tenant, the Accor Group. The hotel was acquired for approximately Euro 25 million.
The 216-room hotel is located within the World Forum Convention Centre in The Hague. Its purchase is in line with Invesco’s hotel fund’s strategy of expanding its pan-European portfolio of leased mid-market hotels and brings the fund’s total investments or commitments close to Euro 500 million.
The SJ Berwin team was led by Steven Cowins and Pieter van Delden led the team for Boekel de Nerée.
The firm advised Invesco on the establishment and closing of the hotel fund and on its subsequent pan-European hotel acquisition programme.
SJ Berwin has a focused Hotel group and has continually been ranked as a leading hotel firm by Chambers UK Guide for the last nine years and has been in the top category of firms for “hotels” in the four most recent editions of Legal 500.