EXTENDAM, Schroder Real Estate Hotels and a fund dedicated to the hospitality industry jointly acquire the lifestyle hotel Aloft Brussels Schuman in the heart of the European Quarter

EXTENDAM, Schroder Real Estate Hotels (a division of Schroder Real Estate formed following the acquisition of Algonquin Management Partners) and a fund dedicated to the hospitality industry have announced the joint acquisition of the Aloft Brussels Schuman hotel, which pioneered the concept of lifestyle hotels without restaurants in Europe and is one of the best hotels in the city.

The hotel, which opened in 2010, features 150 rooms and an excellent location in the heart of the European Quarter, very close to the European Commission. The hotel targets the new generation of travellers seeking lively communal areas and affordable prices, thus attracting business and leisure customers alike. This avant-garde hotel has proved the effectiveness of its concept by getting better results than its competitors since it opened.

Its ideal location and lifestyle hotel features offer a unique customer promise and are the keys to its success.

The hotel is currently under a Marriott management contract and all the parties wish to switch to a franchise contract after completing a major refurbishment. The hotel should also benefit from the synergies arising from the presence of Schroder Real Estate Hotels in Brussels.

The vendors (the Thornsett and RevCap groups) were advised in this off-market sale by the law firm Racine and by EQ Group.

The buyers’ advisers were Loyens Loeff, PWC, Arago and Ideact.

“We are very pleased to add this to our portfolio, as it is a distinctive asset whose development we have been following for a long time. The hotel’s concept proved resilient during the 2016 hotel crisis in Belgium. We are also delighted to consolidate our partnership with Marriott through a new franchise contract that we are due to sign very shortly with the Aloft brand, which we find very relevant,” says Frédéric de Brem, Director of Schroder Real Estate Hotels.

“We are very happy to continue our partnership with the Schroder Real Estate Hotels teams and to acquire our first hotel in Brussels through an off-market opportunity that meets our beauty criteria perfectly: a business hotel in a prime location in a major European city”, add Bertrand Pullès and Matthieu de Lauzon, EXTENDAM Managing Partners.