Axa Investment Managers - Real Assets has completed the purchase of the Jaz in the City hotel in Amsterdam, Netherlands, bringing the total value of its hotel acquisitions since January 2015 to about €250m ($272m).
The asset manager said it bought three hotels in 2015 to raise the total it manages on behalf of clients to 80 hotels in eight countries with a combined value of over €2bn.
Axa IM - Real Assets said it has built its hotels portfolio on behalf of an increasingly wide variety of Axa insurance companies and third-party clients who are attracted by the strong income potential of the asset class and the flexibility of investing into properties which require different levels of asset management in line with various risk profiles.
Hideki Kurata, head of alternatives at Axa IM - Real Assets, noted: "We are actively targeting more opportunities in 2016 to secure quality assets in superior locations in markets which are supportive of further growth, primarily focused on Paris, London and cities in Germany, Italy and Spain."
Karl Badstuber, the asset manager's senior hotel specialist added: "We are purposely focusing on upscale assets in key locations where we can ensure we have the right contract structure and best brand operators to enhance these strong income-producing assets."
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