The unique dynamics of hotel transactions

Hotel real estate: expertise and customisation in a changing market

Whether selling a family hotel or buying a large real estate complex, each transaction requires customisation and specialised knowledge. Led by owners Bas Vanhijfte and Ingmar Bokma, Van de Weerd Horecamakelaars (1991) has focused exclusively on the hospitality sector since 2000, with hotels as an important niche. Last year, the firm was involved in 20 hotel transactions, accounting for a total volume of 1,136 hotel rooms.

When Hotelvak talks to Ingmar Bokma and Jeroen Pontenagel of VDW Hotelmakelaars, it immediately becomes clear that this is not your average real estate agency. Bokma, managing director and acquisition and real estate consultant, and Pontenagel, Hotel Real Estate Specialist, have - like almost all members of the growing hotel team - completed hotel school. "This is a very conscious choice," Pontenagel explains. "Our focus is on hotel real estate knowledge; we learnt real estate secondarily."

Much more than just bricks

Extensive knowledge of the hotel industry is indispensable, according to Bokma and Pontenagel, because the hotel market is as diverse as its clients - from small inns to chains with hundreds of rooms, each with their unique selling points and their own challenges. "The value of a hotel goes far beyond just the bricks and mortar," says Bokma. "This is why we analyse the entire business: the hotel's earning potential, its location, ongoing liabilities (staff, suppliers, ed.) and the operation itself. Sometimes it is even more difficult to sell a well-run hotel, because potential buyers are actually looking for growth opportunities."

Pontenagel stresses that the success of a transaction is not only determined by numbers, but also by timing and preparation. "We only start the sale when everything is ready for sale. That means we sometimes advise hotels to make certain improvements first or wait for the right moment. It is a small market, and buyers now are often sellers later. We therefore always look at the long term and the best solution for all parties without losing sight of our client's interests."

All facets of buying and selling

VDW is involved in all the different facets of buying and selling in the hotel sector. "In some cases, we only do the valuation; in 2024, there were over 410. There are also the traditional property transactions, but we do more than that," Pontenagel explains. "We support both asset deals and share deals. So we not only sell bricks and inventory, but also assist in share transactions.

A good example of this approach is the recent transaction surrounding Hotel Sparrenhorst in Nunspeet. The hotel, with 117 hotel rooms, an indoor swimming pool, sauna and fitness room, 16 meeting rooms, a unique theatre and various catering facilities, was part of the NH Hotel Group for many years and was taken over by Fletcher Hotels. For this chain, VDW is the regular hotel broker. Pontenagel: "Our firm brokered both the acquisition of the operation and the real estate. We then resold the property to a private investor, whereby we negotiated a lease agreement between Fletcher and this investor. This sale-and-leaseback construction was completed in just a few months. This shows how important it is both to know the right parties and to have an eye for the specific wishes and needs of all involved."

VDW is also active internationally, for example in Curaçao, where a hotel was sold to Corendon on behalf of a Dutch private individual. Germany is also an important growth market. Pontenagel: "The German market is more traditional and has different regulations than the Netherlands. This makes it challenging, but also interesting. Our experience in international transactions helps to make the right choices in such situations."

Discretion and trust

According to Bokma, knowledge and experience are very important, but in VDW's work, discretion and trust weigh at least as heavily. "A hotel is more than a building. It is a business with staff, operations and often a special history. This requires an approach in which discretion and trust are central. In almost every transaction, it is crucial to consider both the business and emotional aspects. In all cases, we ensure that the process runs smoothly."

The beginning of a buying or selling process is very low-threshold, according to Pontenagel. "It usually starts with a phone call or a message via LinkedIn. It is always possible to spar with us without obligation and discreetly. We are not here for the short term and are always available. We advise entrepreneurs to take their time and get well informed."