City ID is excited to partner up with APG
Over the past two years, City ID has already opened two unique hotels: hotel TWENTY EIGHT on Stadionplein and hotel BOAT&CO in the Amsterdam Houthaven. Now we’re one of the leading aparthotel chains in Amsterdam with currently three operational assets. To realize further growth in our City ID journey, we are excited to share that we entered into a partnership with APG. The intention of this partnership is to expand the City ID product offering to European capital cities, similarly to what APG has previously achieved with its investments in citizenM and The Student Hotel.
APG is the largest pension delivery organisation in the Netherlands; its approximately 3,000 employees provide executive consultancy, asset management, pension administration, pension communication and employer services. APG performs these services on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and window cleaning, housing associations, energy and utility companies, sheltered employment organizations, and medical specialists. APG manages approximately €529 billion (August 2019) in pension assets for the pension funds in these sectors. APG works for approximately 21,000 employers, providing the pension for one in five families in the Netherlands (about 4.6 million participants). APG has offices in Amsterdam, Heerlen, Brussels, New York and Hong Kong.
Robert-Jan Foortse, Head of European Property Investments at APG commented: “APG is delighted to be able to expand its investment programme to aparthotels. The investment in City ID is an attractive complement to our hospitality portfolio. Similarly to hotels, serviced apartments benefit from the megatrend of increasing tourism and business travel. An aparthotel offering is an ideal solution for those travellers looking for a longer-term accommodation than what a traditional hotel room can cater for. In our view there is a significant market opportunity to roll out this product type across the major European cities and we are excited to work with the City ID team on the platform expansion.”
Alexander Goad, Chief Executive Officer of City ID, said: “Our team is very pleased to enter into the partnership with APG. We see APG as the leading strategic investor in Europe with a successful track record in supporting innovative hotel platform expansions globally. We are much looking forward to jointly continue the City ID journey, further expanding our aparthotel offering in Europe.”
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