ECHO Establishes Partnership with Ammonite Hotels in Amsterdam
Pfäffikon, 14 November 2019 - ECHO Partners AG ("ECHO Partners") announced today a long-term partnership with the Ammonite Hotel Group in Amsterdam, following today's closing of its acquisition of the first Ammonite Hotel for its ECHO Fund. The Ammonite Hotel is an upscale four-star hotel located in Amsterdam, the Netherlands.
Partnership for future hotel developments in The Netherlands
Following its recent acquisition and partnership of the first existing Ammonite Hotel located in Amstelveen, Amsterdam, ECHO Partners and the Ammonite Hotel Group have confirmed their intention to closely cooperate in the development of further hotels in the Randstad region. The Partners intend to join forces to combine the specific know how of local experience with a dedicated European hotel group to create further hotels of highest standards and service quality. Both Partners are dedicated to co-develop sustainable hospitality locations to the benefit of their guests, the local environment, neighbors and communities.
Amsterdam is one of the most visited cities in Europe with ~17 million overnights per year driven by both tourists and business travelers. As an important gateway city in Europe, it is one of the best performing hotel markets in terms of occupancy rates and average room prices.
Commentary
Vitus Eckert, Founding Partner of ECHO states: "As we have closed our acquisition of the first Ammonite Hotel, we are delighted to be able to build on the partnership we have established also for the future. In line with our ECHO strategy, we are highly interested in investing in further hotels in the Netherlands."
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About ECHO Partners AG
ECHO Partners AG ("ECHO Partners"), based in Pfäffikon, Switzerland, invests in hotels, which are located in leading Continental European tourist destinations, such as Vienna, Amsterdam or Budapest and relies on long-term tourism trends. We are identifying and purchasing hotels with a purchase price in the EUR 10-70MM range and a target acquisition yield at or above 5%. The ECHO Fund is the first investment fund of ECHO Partners to implement this strategy.
