VICARTEM and EXTENDAM sign their first joint acquisition in Belgium with the purchase of the premises and goodwill of the Hôtel Atlas Bruxelles. The 88-key, 3-star hotel is located on Rue du Vieux Marché aux Grains, a few hundred meters from the Grand-Place in the historic city center of the capital of Flanders. It will undergo major renovation to become a 4-star boutique hotel, a true destination also developed and operated by Younight Hospitality, a subsidiary of VICARTEM.
Potential to be deployed in a premium location
The Hotel Atlas Bruxelles enjoys a privileged location in the heart of Brussels, close to the northern business districts and European institutions, and just a stone's throw from the Belgian capital's tourist attractions, such as the Grand-Place, Manneken-Pis and the Palais de la Bourse.
It's part of the Dansaert district, renowned for its design, art and fashion activities. Big-name and local boutiques flourish here, not far from the famous Halles Saint-Géry, a former covered market turned exhibition space and host of the Brussels Christmas market.
Close to the main railway station and well connected to Brussels National Airport and other major cities such as Antwerp and Ghent, the Hotel Atlas Brussels currently offers both business and leisure facilities.
The 88-room independent establishment will undergo decorative and renovation work with the aim of repositioning it as an independent 4* boutique hotel.
Acquirers with in-depth knowledge of the Belgian hotel market
Less than two hours from London, Paris and Amsterdam, Brussels is recognized as Belgium's multicultural and economic hub. Home to no fewer than 183 nationalities, the city plays a major role at national level, contributing 20% of the country's GDP. Thanks to the diplomatic (European Union, NATO, etc.) and events infrastructures it hosts, Brussels is world-renowned. It is home to some 5,400 resident diplomats and boasts a dynamic business tourism industry.
The city also boasts a UNESCO-recognized heritage and a dynamic cultural scene, thanks to its hundreds of museums. Its attractiveness for leisure tourism is well established. These assets enable the city to present a moderate seasonal pattern.
"The fast-changing Belgian market has always been an attractive one for us. Since the health crisis, the hotel sector has fully regained its dynamism, with RevPAR forecast to grow by +13.6% from 2019 to 2023. Today, the Brussels hotel market comprises some 175 hotels and 17,600 rooms. Growth has been relatively stable compared to other major European cities. Thanks to the acquisition and value-add transformation of the Hôtel Atlas Bruxelles, we are rounding out an independent boutique-hotel segment that is currently under-represented in the Belgian capital".
explain Inès de l'Aulnoit and Alexandre Guérin for EXTENDAM
"We see the Hotel Atlas Brussels as a hotel with great potential. The Belgian capital is constantly reinventing itself, attracting a diverse clientele of both business and leisure travelers. Its identity, both cosmopolitan and deeply rooted in history, creates an ideal environment for ambitious projects. With its vibrant cultural scene and openness to the world, Brussels continues to evolve into a must-see destination. The Hotel Atlas Brussels aims to reflect this spirit, offering a perfect balance of comfort, elegance and local immersion, meeting the expectations of a modern, discerning clientele."
add Romain Gowhari and Aymeric O'Mahony for VICARTEM.