Union Street Investments announced the sale of office building ‘Gemini’ at Siriusdreef 22-28 in Hoofddorp to a private investor. Union Street is a platform that was created in 2015 in order to build a leading real estate business in the Netherlands across multiple real estate verticals. It is owned and was established by affiliates of Monarch Alternative Capital LP, a private investment firm with expertise in real estate.

The 10,000 m² office building is going to be transformed into a hotel with 300 hotel rooms and 188 parking spaces. The hotel is expected to open its doors in the first half of 2021. The German operator GS Star will operate the hotel as Holiday Inn, which is part of the InterContinental Hotels Group (IHG).

The Gemini building is part of the office portfolio that Union Street Investments acquired in 2016. Spring Real Estate, the exclusive asset manager of Monarch, has carried out an extensive site survey in collaboration with real estate advisor Savills. Based on this, the decision to transform the office building into a hotel has been made. Heyligers Design + Projects is responsible for the design and assisted the owner in the planning process with the municipality of Haarlemmermeer.

Marco Peetsma, Associate Investment at Savills in the Netherlands: “Due to the increasing number of tourists and business travellers, the demand for hotel rooms in the Amsterdam Metropolitan Area is unprecedentedly high. This trend has been reflected into great interest from operators in this hotel development. After the successful agreement with operator GS Star, all ingredients were present for a successful sale."

Union Street was commercially advised by Spring Real Estate and Savills during the transaction. Spring Real Estate will be responsible for the ongoing asset management. In addition, Union Street was legally advised by Loyens & Loeff and technically advised by Heyligers Design + Projects.