Ballast Nedam Development sold Hotel Merici to hotel investor Pantelis Group on Friday July 14th.
Ballast Nedam Development agreed to sell the four-star hotel Merici in Sittard and 900 m2 of commercial space (for hotel related facilities and restaurant purposes) and approximately 2,200 m2 of the historical building (which can be converted to hotel related facilities and residential units) within the adjoining Kloosterkwartier, to Belgian hotel investor Pantelis Group, which was founded by George Pantelis.
This sale is a strategic portfolio decision. Ballast Nedam Development will continue investing and developing new projects in The Netherlands with a main focus on large mix-use projects and residential projects within and around the Randstad.
Long term vision
Pantelis Group states that they have a long term vision on converting and restoring the sections of the Kloosterkwartier. Ballast Nedam is convinced to have found a buyer that has experience on redeveloping monuments. Ballast Nedam is pleased that the sale agreement is signed within a very short period after the previous tenant filed its bankruptcy. Pantelis Group agreed to re-open the hotel and to start operating immediately.
The Kloosterkwartier
The Kloosterkwartier was developed by LAUDY Bouw & Ontwikkeling (a Ballast Nedam company). The complex consists of two monastery buildings with seven national monuments, which include fifteen luxury apartments, a hotel and an underground car park. In addition, the municipality of Sittard-Geleen will host the City’s Management Center (Bestuurscentrum) in the complex next year.
In this transaction Pantelis Group was advised by 3stone Real Estate.