Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi-based LuLu Group International, entered into a forward purchase contract with Swiss real estate developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
The addition of the IntercityHotel marks Twenty14 Holdings’ entry into mainland Europe and joins a portfolio of USD 750 million worth of luxury property across the UK, the Middle East, and India.
The purpose-built, 260-room, four-star hotel will be located close to the Rümlang station, A1 motorway. The property will include meeting and event spaces, a restaurant, an indoor fitness center, 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. 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.
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.
Adeeb Ahamed, managing director of 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.”Add to Favorites