LuLu Group International’s hospitality investment arm, Twenty14 Holdings (T14H) has entered into a forward purchase contract with Swiss developer Necron AG for the upcoming IntercityHotel Zurich Airport Hotel in the town of Rümlang, the company announced on Sunday.
The addition of the hotel marks T14H’s first foray into mainland Europe and joins a $750 million portfolio across the UK, the Middle East and India.
The 260-room, 4-star hotel will be located close to the Rümlang station and A1 motorway, offering easy transportation links to Zurich International Airport and the city centre.
The hotel, which is scheduled to open in 2020, will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract.
According to T14H, the hotel is the first of “many” projects planned by Necron AG in cooperation with Deutsche Hospitality.
“We are excited to mark our entry into mainland Europe with our first property in Zurich,” said T14H managing director Adeeb Ahamed. “It is an important milestone in our group’s portfolio as we work towards being 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.
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