Ballast Nedam Development sold Hotel Merici to hotel investor Pantelis Group on Friday 14 July.
Ballast Nedam Development agreed to sell four-star hotel Merici in Sittard and 900m2 commercial space (for hotel related facilities and restaurant purposes) and approximately 2,200m2 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 and Ballast Nedam Development will continue investing and developing new projects in Netherlands with main focus in large Mix-use projects and residential projects within and around the Randstad.
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 an owner that has experience and vision on redeveloping monuments. Ballast Nedam is very confident with the buyer who has experience and good vision on redeveloping monumental buildings. Ballast Nedam is pleased that the sale agreement is signed within a very short period of time after the previous tenant filed its bankruptcy. Pantelis Group agreed to re-open the hotel and start operating immediately.
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 15 luxury apartments, a hotel and an underground car park. In addition, the municipality of Sittard-Geleen will host the City's Management Center (Bestuurscentrum) next year in the complex.