Archer Hotel Capital B.V. and Marriott International announce commitment to further expand their partnership
Amsterdam, Netherlands / London, United Kingdom; 1 October 2021:
Archer Hotel Capital B.V. (“Archer”) is pleased to announce an expansion of its partnership with Marriott International (“Marriott”) including a mutual commitment to grow together over the next decade. As part of this new agreement, Archer has granted an extension to the existing hotel management agreement at the Hotel Arts Barcelona. Simultaneously, the parties have agreed an ambitious capital expenditure programme for the portfolio of seven Marriott-branded hotels alongside certain contractual adjustments that reflect the importance of this deal to both parties.
Guy Pasley-Tyler, Director, Portfolio & Fund Management at Archer said, “Marriott is our most important partner, and we are delighted to announce this renewal and extension of our relationship which will benefit both parties, as well as the guests that stay in our hotels. This deal positively impacts the value of seven assets across six different markets and is transformational for Archer as we continue on our journey to broaden the scope of our overall investment strategy”.
Jeremy Gil, Vice President Asset Management, Marriott International, Europe, Middle East and Africa said: We have been privileged to work with Archer Hotel Capital for many years and are pleased to expand our long-standing relationship with them. As the world begins to travel again, we very much look forward to working collaboratively on Archer’s iconic properties to bring Marriott’s industry leading brands to guests from across the globe.”