AMSTERDAM—AXA Real Estate has acquired the NH Grand Hotel Krasnapolsky from NH Hoteles SA on behalf of a European and an Asian client.
The 468-room asset, which is located in a prime location, sold for 157 million pounds. HVS Hodges Ward Elliott in London acted for NH Hoteles on the sale.
Under terms of the deal, NH Hoteles will remain as the hotel’s operator, having signed a 25-year management contract. In addition, NH Hoteles and AXA Real Estate will undertake a phased 38 million pound refurbishment and repositioning program, which will begin next year and be completed by 2017.