Hotel

Leonardo Hotels to acquire Zien Group

The Netherlands: Leonardo Hotels, owned by Fattal Hotel Group, has entered into an agreement to acquire the Zien Group and its 12 hotels in the Netherlands from KSL Capital Partners and Garden Capital Group.

Private equity firm KSL took a majority stake in Eden Hotels in 2021, with the Dijkstra family (which controls Garden Capital Group) maintaining a minority. The following year, Eden created a parent company Zien Group.

Through the transaction, Leonardo will add 1,522 hotel rooms to its portfolio, bringing its total number of properties in the Benelux region to 28. 

The acquired platform includes five hotels in Amsterdam such as Eden Hotel, The Lancaster Hotel, and The Manor, as well as hotels in Rotterdam, The Hague, Eindhoven, Groningen, and Maastricht.

Guy Vardi and Yaniv Amzaleg, M&A directors of Fattal and managing directors of Fattal European Partnerships, said: “We are delighted to have been awarded this important mandate from KSL, which reflects very well on our ability to support deals of this nature – particularly in a highly competitive process. These new hotels will benefit from the synergies of being part of a much larger hospitality group, providing our guests with access to a robust portfolio of hotels in an increasingly attractive hospitality sector.

“Additionally, our investors can look forward to having strong returns from their investments as we continue to grow. By targeting properties that align with Leonardo’s standards of excellence, the partnership seeks to curate a collection of industry-leading hotels.”

Alexander Kluit, managing director of Leonardo Hotels Benelux, welcomed the deal: “Zien’s hotels align seamlessly with Leonardo Hotels’ vision of welcoming guests to unique, often city centre locations. We recognize many similarities in the passionate management of these hotels and look forward to enhancing our brand alongside our new colleagues.”

Martin Edsinger, partner at KSL, said: “We are excited to hand the reins of Zien Group to Fattal Group and Leonardo Hotels as a strategic long-term owner. We have long recognized the strength of the Netherlands hospitality market.”

Raphael Bihler, SVP at KSL, added: “It has been our honour to be part of the storied history of Zien Group and its iconic properties. We are confident that Leonardo Hotels will enable a new chapter of continued growth for the portfolio as part of a larger group.”

The transaction is expected to complete in Q3 2024. Terms of the deal have not been disclosed.

Less than two weeks ago, Leonardo Hotels announced it had acquired the Hotel Gotham Manchester.

Leave a Reply

Your email address will not be published. Required fields are marked *