Twenty14 Holdings (T14H), the hospitality investment arm of Lulu Exchange has announced plans to enter Switzerland with the purchase of a new property.
The group said that it entered into a forward purchase contract with Swiss real estate developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland. The latest property adds to its $750 million worth of luxury property across the UK, the Middle East and India.
It also marks T14H’s entry into mainland Europe.
The purpose-built, 260-room, 4-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 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 hotel is the first of many development projects planned by Necron AG’s in cooperation with Deutsche Hospitality. HVS Hodges Ward Elliott acted as exclusive advisers to Necron.
“We are excited to mark our entry into mainland Europe with our first property in Zurich,” says Adeeb Ahamed, Managing Director, T14H. “It is an important milestone in our group’s portfolio as we work towards becoming a billion-dollar investment firm by 2020.”
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.