Twenty14 Holdings Enters Agreement With Necron AG for IntercityHotel Zurich Airport in Rümlang, Switzerland
January 28, 2019 9:47am
ZURICH—Jan. 28, 2019—Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi-based LuLu Group International, has entered into a forward purchase contract with Swiss real estate developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
“We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group’s portfolio as we work towards becoming a billion-dollar investment firm by 2020.”
The addition of the IntercityHotel marks Twenty14 Holdings’ entry into mainland Europe and joins a portfolio of $750m worth of luxury property across the UK, the Middle East, and India.
The purpose-built, 260-room, 4-star hotel will be located close to the Rümlang station, A1 motorway and offers fantastic transport links, including access to Zurich International Airport in ten minutes, while the city centre is just 15 minutes away. The property will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities. The property is scheduled to open in 2020.
The hotel will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract. The design of the property will be based on the new Intercity Hotels Matteo Thun design standards, and keeping in mind business travellers and tourists, the property will feature modern guestrooms and public spaces.
The hotel is the first of many development projects planned by Necron AG in cooperation with Deutsche Hospitality. HVS Hodges Ward Elliott acted as exclusive advisers to Necron.
Commenting on the acquisition, Adeeb Ahamed, Managing Director, T14H said, “We are excited to mark our entry into mainland Europe with our first property in Zurich. It is an important milestone in our group’s portfolio as we work towards becoming a billion-dollar investment firm by 2020.”
“This is an exciting hotel development and we are delighted to be working in partnership with both Twenty14 Holdings and Deutsche Hospitality. We very much hope this is the start of a successful long-term partnership with both,” said Gerard van Liempt, CEO, Necron AG.
“The IntercityHotel Zurich Airport launches our brand in Switzerland and adds a highly attractive location to the portfolio,” said Thomas Willms, CEO, Deutsche Hospitality. “This hotel is symbolic of our growing international presence at strategically important locations and we are delighted to have such a reliable partner as Twenty14 Holdings on our side.”
This is Twenty14 Holdings’ second property to be operated by Deutsche Hospitality. The German hospitality firm currently operates T14H’s Steigenberger Hotel Business Bay in Dubai, UAE.
International law firms Trowers & Hamlins, and Thouvenin Rechtsanwälte acted as legal counsel for Twenty14 Holdings with ADB as their Swiss tax counsel.
Tags: twenty14 holdings,
intercityhotel zurich airport
Twenty14 Holdings is the hospitality investment arm of LuLu Group International, founded in 2014 to capitalize on the growth in the global hospitality industry. The company currently has assets worth more than $750m spread across Europe, Middle East, and India. In Europe, the group owns the historic Waldorf Astoria Edinburgh – The Caledonian in Scotland and has also made a £110m agreement with property developer Galliard Homes to create a luxurious five-star hotel at 1-5 Great Scotland Yard, the former headquarters of London’s Metropolitan Police. The firm co-owns the landmark Sheraton Oman Hotel in Muscat, a 230-room five-star architectural marvel, which was re-opened in 2016. The company also owns the Steigenberger Hotel Business Bay in Dubai and three properties in India.
Contact: Ajit Johnson
Deutsche Hospitality brings together four separate hotel brands under a single umbrella. Steigenberger Hotels and Resorts has 60 hotels housed in historic traditional buildings and lively city residences and also offers health and beauty oases set at the very heart of nature. MAXX by Steigenberger – is a new and charismatic concept which places the focus on the essential in accordance with its motto “MAXXimize your stay.” Jaz in the City branded hotels reflect the metropolitan lifestyle and draw upon the local music and cultural scene. And IntercityHotel offers 40 upper mid-range urban hotels, all of which are located within an easy walking distance of railway stations or airports. A further 30 hotels are currently at the development stage. This means that the Deutsche Hospitality portfolio currently encompasses a total of over 130 hotels on three continents.
Necron AG (Necron) is a Swiss-based real estate Development and Investment company with a focus on commercial real estate in Switzerland, Netherlands, and Germany. Necron’s strategy is to secure plots and or buildings for the development of Hotels, Offices, secured storage, and commercial buildings. Necron is currently working on the development of four hotels for the Deutsche Hospitality Group.
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