Twenty14 Holdings (T14H), the hospitality investment arm of the Abu Dhabi-based LuLu Group International, has entered into a forward purchase contract with Swiss real estate developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
The addition of the IntercityHotel marks Twenty14 Holdings’ entry into mainland Europe. It joins a portfolio of $750 million worth of luxury property across the UK, West Asia and India.
The purpose-built, 260-room, 4-star hotel will be located close to the Rümlang station. The property, which is scheduled to open in 2020, will include meeting and event spaces, a restaurant, an indoor fitness centre, a spa area as well as underground and outdoor parking facilities.
The hotel will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract.
“We are excited to mark our entry into mainland Europe, with our first property in Zurich. It is an important milestone in our group’s portfolio, as we work towards becoming a billion-dollar investment firm by 2020,” said Adeeb Ahamed, Managing Director, T14H.
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.