Schrijf je in voor onze dagelijkse nieuwsbrief om al het laatste nieuws direct per e-mail te ontvangen!

Inschrijven Ik ben al ingeschreven

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

Amsterdam's worst rated hotel auctioned for €23.5 million

Amsterdam's most remote and poorly rated 162-room hotel has been sold via an online auction for €23.5 million on Tuesday 24 June 2025. The starting price at the auction was €6.5 million. A total of 53 bids were submitted.

© On the Beach
Drone shot of the sold hotel in Amsterdam-West. OntheBeach.nl

The project's background goes back to 2014, when the then developer, known for several problematic hotel projects in the Netherlands, partnered with Chinese textile company Winbase (Shenzhen). The goal was grand: the development of eight hotels spread across the country, from Alkmaar to Venlo. The Amsterdam location had ambitions to expand to 450 rooms by 2017.

© On the Beach

However, plans stalled. Factors such as unfavourable locations, poor accessibility by public transport, disappointing inflows of Asian tourists, Chinese capital restrictions and the impact of the corona pandemic led to the initiative's failure. Today, four of the realised hotels face financial problems; operation was partly sold or leased.

The property has significant financial burdens. For instance, a €6.5 million mortgage rests on the property (taken out in 2020 by the former CEO of Van Hessen Group) and there are three outstanding assessments totalling €372,842 for unpaid ground rent to the municipality of Haarlemmermeer since 2022.

Despite this, the property generates €1.62 million in rental income (excluding VAT) annually, of which €1.296 million comes from hotel rentals, €144,000 from restaurant operations and €132,000 from a casino. The weighted average term of the leases is 5.5 years.

The property comprises a leasehold plot of 8,530 sqm, a gross floor area of 5,191 sqm spread over seven floors, 162 rooms of 16 sqm each, 96 parking spaces and an established land value of €2,687,580.

Source: LinkedIn

Publication date: