Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AMSTERDAM-The new owner of an historic Downtown office building here plans to convert the property into a 100-room hotel. Publicly held Elbit Medical Imaging Ltd. of Tel Aviv said Thursday that one of its subsidiaries paid $18.4 million for the building on Dec. 14 and plans to invest an additional $13 million in the restoration and conversion.

The 75-year-old building is located next to Elbit’s Victoria Hotel in Amsterdam’s business and entertainment district. The motivation for the acquisition and conversion was the existing hotel’s 95% occupancy average over the past 12 months.

The conversion is expected to be complete in approximately one year. A bank financed 100% of the acquisition cost. The seller was Allianz Lebensversicherungs-AG.

Elbit Medical Imaging is a subsidiary of Europe Israel Ltd. that develops and operates shopping centers and hotels. It also invests in the development of MRI-guided ultrasound treatment equipment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.