Netherlands: Cycas Hospitality has signed a lease agreement with ECHO Partners to operate its first Radisson-branded property, the Radisson Hotel & Suites Amsterdam South.
When it opens in early 2021, the 227-suite Amsterdam aparthotel – which was recently acquired for the ECHO Fund – will become the first all-suite property to operate under the upscale Radisson brand in Western Europe.
Eeach of the studio, one- and two-bedroom apartments has its own fully-equipped kitchen. Other facilities at the canalside hotel include a gym, on-site bar and restaurant with outdoor terrace seating, plus underground parking for 70 cars.
Located in Amstelveen, to the south of the city, the 10-storey hotel is within walking distance of the international HQs of companies such as KPMG, KLM and Canon.
Asli Kutlucan, chief development officer at Cycas Hospitality, said: “We are excited to be opening our first hotel with Radisson Hotel Group and with ECHO Partners. It says a great deal for the calibre of these organisations that we were able to negotiate a key signing during the COVID-19 lock-down. All three companies share an ambition to grow across Europe, and we look forward to expanding these new partnerships in the months and years to come.”
Elie Younes, executive vice president and chief development officer, Radisson Hotel Group, said: “We are proud to launch our first extended stay product in Western Europe, marking our 54th serviced apartment in EMEA. As an asset class, extended stay has been increasingly resilient and relevant in recent times. We are delighted to be partnering with Cycas Hospitality in such a key European market as Amsterdam and look forward to welcoming our first guests together in early 2021.”
Michael Regner of ECHO Partners said: “This stand-out property in a gateway city represents our fourth hotel acquisition for our ECHO Fund in top locations and A-cities across Europe, and our first in The Netherlands. We are excited to establish a high-profile partnership with Cycas and Radisson, capitalising on both their international and local market expertise and creating value by entering into a long-term contract. A partnership of this quality is exactly what we had in mind when we acquired the hotel late last year.”
The new aparthotel becomes Cycas’s fifth property across the Benelux region, and its third in Amsterdam, where the company is headquartered.
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