Maritim Hotels has signed a new 50-year lease with Union Investment for the biggest integrated congress hotel in Europe, being developed in Amsterdam North, close to the River Ij and opposite the city’s central railway station across the waterway.
The hotel, together with the Yvie residential tower being constructed alongside it, represents a total investment commitment to the area development project of around €500M by Union Investment.
The exceptionally long 50-year lease compares with a European industry average of 20-25 years for similar investment assets and signals both parties’ confidence in the revival of the large conference format after the Covid pandemic and also Amsterdam’s high ranking as a location on the European business convention map. The Maritim Hotel is due to open its doors in 2023.
Volker Noack, Member of the Management Board at Union Investment said: “Union Investment stepped into this project in 2019 to acquire it from the previous investors because we were convinced that its stunning waterfront location, directly opposite Amsterdam’s central station across the River Ij, would be unbeatable for the largest integrated congress hotel in Europe and make it a top-ranking European convention destination. The Maritim Hotel, together with our Yvie residential tower being constructed alongside, places this stunning area development among the ‘Top Five’ investment commitments worldwide by Union Investment.”
