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First Sponsor acquires Dutch heritage brand's hotel portfolio
MAINBOARD-LISTED property developer First Sponsor Group is acquiring Queens Bilderberg (Nederland) - a Dutch heritage brand that owns a portfolio of 17 hotels across the Netherlands - for 171.4 million euros (S$270.2 million).
First Sponsor said on Monday that the acquisition presents an opportunity for the group to acquire "multiple quality properties, including properties with good capital appreciation potential in the Netherlands at an attractive price".
The acquisition is also aligned with the group's strategy of growing its recurrent income stream from its property holding business segment, added First Sponsor.
The Bilderberg portfolio comprises 16 owned hotels and one leased hotel with 1,633 rooms (owned) and 62 rooms (leased), and 49 food and beverage outlets, including two Michelin-starred restaurants.