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* Twenty14 Holdings enters into a forward purchase agreement with Swiss property developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
Twenty14 Holdings (T14H), the hotel investment arm of LuLu Group International, has entered into a forward purchase agreement with Swiss property developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
The addition of the IntercityHotel marks T14H's entry into continental Europe and joins a portfolio of $ 750 million luxury properties in the UK, Middle East and India.
This purpose built, 260-room, 4-star hotel will be located close to the A1 Rümlang train station and offers great transport links, including access to Zurich International Airport in 10 minutes. while downtown one way.
The property will include meeting and event spaces, a restaurant, indoor fitness center, spa area and underground and outdoor parking. The opening of the property is scheduled for 2020.
The hotel will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease. The design of the property will be based on the new design standards of the Intercity Hotels Matteo Thun. Keeping in mind business travelers and tourists, the property will feature modern guest rooms and public spaces.
This hotel is the first of many development projects planned by Necron AG in cooperation with Deutsche Hospitality. HVS Hodges Ward Elliott acted as exclusive advisor to Necron.
Adeeb Ahamed, Managing Director of T14H, said of the acquisition: "We are delighted to mark our entry into continental Europe with our first property in Zurich. This is an important step in our group's portfolio as we work to become a billion dollar investment company by 2020. "
"This is an exciting hotel development and we are excited to be working in partnership with Twenty14 Holdings and Deutsche Hospitality. We sincerely hope that this partnership will mark the beginning of a successful long-term partnership, "said Gerard van Liempt, CEO of Necron AG.
"The IntercityHotel Zurich Airport is launching our brand in Switzerland and adding a very attractive location to the portfolio," said Thomas Willms, CEO of Deutsche Hospitality. "This hotel is a symbol of our growing international presence in strategic locations and we are excited to have a partner as reliable as Twenty14 Holdings."
This is the second Twenty14 Holdings facility operated by Deutsche Hospitality. The German hotel company currently operates the T14H Steigenberger Hotel Business Bay in Dubai, United Arab Emirates.
The international law firms Trowers & Hamlins and Thouvenin Rechtsanwälte acted as consultants for Twenty14 Holdings, with ADB as Swiss tax adviser.
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