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First Sponsor completes acquisition of 2 Amsterdam Holiday Inn hotels

FIRST Sponsor Group announced on Thursday morning that it has completed its acquisition of two hotels in Amsterdam - a Holiday Inn and a Holiday Inn Express - with 509 carpark lots for 54.6 million euros (S$82.9 million).

Earlier in April, First Sponsor announced that it had entered into a sale and purchase agreement with a German institutional real estate fund, IVG Institutional Funds, for the acquisition.

Back then, the property group had just swung into the black for the first quarter of 2015, with a net profit of S$10.73 million, compared to a loss of S$9.18 million in the corresponding quarter a year ago, driven by continued growth in its property financing business.