Rabobank finances development of new Pillows Hotel at Oosterpark in Amsterdam
Rabobank has provided Amerborgh with a €37 million loan to finance the development of the new top tier Pillows Hotel located at the edge of the Oosterpark in Amsterdam.
The luxury boutique hotel will be housed in a former Amsterdam University building and will comprise of over 8,500 sq. m. There will be a total of 89 modern, well-appointed rooms including 3 suites and 15 grand rooms. Additionally, there will be a 80-seat restaurant, 68-seat brasserie, 3 meeting rooms, a fully equipped wellness centre and a underground parking area with 42 parking spaces. The construction is scheduled to start in 4Q of 2019 and will last 18 to 24 months. The hotel is expected to be operational in 3Q 2021 and will be the 5th Pillows Grand Hotel that opens its doors in the Benelux.
Edgar Mulder, Director at Amerborgh: “This financing is of importance for our organisation as it enables us to realize our flag ship location of the Pillows Hotel label in the Netherlands. We are therefore satisfied with the outcome, especially as we are able to build on our long term relationship with Rabobank. The recent developments in financial markets have enabled us to secure a long term financing against very competitive terms. Overall, we are very pleased with the outcome and the process we were able to run together with our advisors”
Bob Meijer, Relationship Manager at Rabobank Corporate Clients Netherlands : "We are happy to be able to support our top client Amerborgh with the development of this beautiful hotel in Amsterdam. This property is what we call a trophy asset and we are therefore proud to be able to close this financing. This financing underlines our commitment to real estate financing in the Dutch market.”
Yannick van der Weerden, Senior Consultant CBRE Debt & Structured Finance: “The new Pillows Hotel forms a beautiful addition to the hotel market in Amsterdam. The location and quality of the product are second to none which have made this transaction very interesting to a broad group of lenders. After a competitive process Rabobank came out on top. Their flexibility and eagerness proved to be key. We are happy that we have been able to guide Amerborgh in the financing process and are very satisfied with the overall outcome.”
Amerborgh was supported by CBRE in arranging the financing.
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