Leonardo Hotels enters into an agreement to acquire The Zien Group

International news
Leonardo Hotels announced that it has entered into a purchase agreement to acquire the Zien Group and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners, LLC, as well as its partner, Garden Capital Group, whose shareholders founded the business.

Terms were not disclosed. The transaction is scheduled to close in the third quarter of 2024 and is subject to customary closing conditions.

The sale marks a successful investment for KSL, alongside Garden Capital Group, and transforms Leonardo Hotels into one of the leading hotel chains in the region – as its portfolio in the Benelux increases to 28 hotels. The acquired platform consists of five hotels in Amsterdam and several hotels in top locations in major cities, such as Rotterdam, The Hague, Eindhoven, Groningen, and Maastricht, underlining the significant growth strategy of Leonardo Hotels Benelux.

Zien Group’s current portfolio of hotels was assembled by the Dijkstra family over 75 years. KSL acquired a majority interest in the business in December 2021, during the height of the Covid-19 pandemic. Through targeted refurbishments and operational initiatives under CEO Billy Skelli-Cohen, the group’s performance has steadily improved and now well surpasses pre-Covid performance.

Through this transaction, Leonardo Hotels adds 1,522 hotel rooms to its portfolio, bringing its total number of rooms in the Netherlands and Belgium to 4,161. The acquisition includes the transfer of well-known hotels in Amsterdam, such as the iconic Eden Hotel, The Lancaster Hotel, and The Manor.