JLL advises YTL on the purchase of the Marriott Hotel The Hague
JLL has advised Malaysian investor YTL on the acquisition of the Marriott Hotel The Hague from a US investment fund at an undisclosed price.
Will Duffey, Co-Head of European Transactions, JLL's Hotels & Hospitality Group said: "This is our client's first transaction in continental Europe and we are delighted to have been able to demonstrate the strength of the Dutch market and identify an asset that delivers on their hotel investment strategy. The Netherlands as a whole has recently experienced a surge of investor activity in the hotel space owing to economic stability, market transparency and a flourishing tourism sector. Hotel assets in sound secondary markets like The Hague are, and will continue to, provide safe-haven destinations for investors' capital."
Hotel transaction volumes in the Netherlands in 2017 more than doubled on 2016's figures, reaching approximately ?1.8 billion. In 2017 revenue per available room grew by more than 12% in The Hague, driven by an increase in the average hotel occupancy of the city, from 67% to 72%.
Notes to editors
The Marriott Hotel - The Hague is a 306-room hotel, located between The Hague city centre and Scheveningen, and adjacent to the World Forum convention center. The property, which was previously transacted by JLL in 2015, was fully renovated and rebranded as a Marriott Hotel in 2016, and was Marriott's second core-brand hotel in the Netherlands.