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Collectively known as the Bilderberg Portfolio, Queens Bilderberg (Nederland) B.V. owns a portfolio of 17 hotels across the Netherlands. (Image: First Sponsor Group)
Singapore-listed First Sponsor has agreed to pay a total of €205.0 million (S$323.3 million) to acquire the entire stake in Queens Bilderberg (Nederland) B.V., a company that owns a portfolio of 17 hotels across the Netherlands.
According to an SGX filing on Monday (3 July), 95 percent of the acquiree’s stake was purchased by FSMC NL Property Group B.V., a 33-percent-owned subsidiary of First Sponsor, while the remaining five percent was picked up by EVENT Hotel Group.
Collectively known as the Bilderberg Portfolio, the 17 hotels contain a total of 1,695 rooms. 16 hotels with 1,633 rooms are owned, while a 62-room hotel is leased. This translates to a per room price of €125,500 (S$196,884), including the estimated transaction cost of €2.2 million (S$3.4 million).
Of the 16 owned hotels, 14 are freehold, one is temporary leasehold, while the other is perpetual leasehold.
Some of the hotels are located in key gateway cities like Amsterdam, Rotterdam and The Hague, and the properties have a combined conference space of 13,661 sqm. They also house 49 F&B outlets including two Michelin starred restaurants.
These heritage assets also have a track record of long-standing profits as far back as 2001. Last year, these properties have an average occupancy rate of 62.5 percent, €95.1 in average room rate (ARR), revenue per available room (RevPAR) of €59.5 and total RevPAR of €124.2.
First Sponsor Group Chief Executive Neo Teck Pheng, commented that the “acquisition will catapult the group to become one of the largest hotel owners in the Netherlands”
“The Bilderberg Portfolio will be acquired at a historical 2016 net yield of 6.5 percent after transaction costs. It has undergone capital expenditure of €36 million in total for the last four years which has positioned the portfolio advantageously to capture any potential upside from the improving Dutch economy and uptake in the hospitality market.”
The acquisition of the Bilderberg Portfolio is expected to be completed by Q3 2017.
This article was edited by Denise Djong.
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