Orange Investment Managers supports Annexum in acquiring the Inntel & Mainport Hotels in Rotterdam in a clubdeal.

Inntel & Mainport hotels, Rotterdam

Annexum together with Orange Investment Managers has acquired the hotels Inntel Rotterdam and Mainport Rotterdam. The two hotels under one roof together have 480 rooms. This makes them among the top 10 hotels in the Benelux in size and the largest hotel in Rotterdam.

Orange IM has sourced and managed the off-market transaction on behalf of Annexum. Orange IM will act as operating partner and will be responsible for the execution of the business plan and take on the (financial) asset management on behalf of Annexum and the investors.

Karin Geurts, Managing Director Inntel Hotels: 'The hotels have played an important role in the history of our hotel group. We are grateful for the dedication of all our colleagues. They have contributed enormously to the success. The decision to sell the hotels was not an easy one, but we are convinced that selling is in the interest of both the hotel group and the new owner.

Long-term tourism trends

Ronald Jansen, partner of Annexum, shares his enthusiasm: "We are very proud to acquire these iconic full-service hotels located in a beautiful location in the heart of Rotterdam at the foot of the Erasmus Bridge. The travel and tourism sector is also showing a strong rebound in the Netherlands, where demand is not yet fully back to pre-corona levels, but spending is already up. In addition, based on positive long-term trends, we foresee increasing demand for hotel accommodations."

Prime hotel location

Elbert Frantsen, Director at Orange Investment Managers: "We are very pleased providing  Annexum with our specific transaction and asset management services for these two iconic hotels. Due to the strong location as well as the recovering tourism sector, we believe this landmark complex gives the investors a great opportunity for exposure in the Dutch hotel market. We expect to be able to further expand our hotel activities the coming period with  attractive propositions given the current pipeline.”

Exclusive club deal

The acquisition of the two hotels came about through an exclusive club deal, which included the acquisition of the real estate as well as all movable assets and the existing hotel operation. The current 200 staff will also come under Annexum's responsibility.

Hotel management will be outsourced to Cycas Hospitality. Cycas relieves hotel owners of daily management. Cycas has an impressive hotel portfolio of more than 50 hotels under multiple international brands in 12 countries. Orange IM Hospitality supported Annexum in the acquisition of the hotels and remains responsible for asset management.

The transaction was co-financed by a mortgage loan from ABN-AMRO. Equity was raised by a consortium of investors and stakeholders. Due Diligence partners were Van Doorne, Amstellius, PWC.