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Union Street sells hotel development in Hoofddorp to private investor

Union Street sells hotel development in Hoofddorp to private investor

Union Street Investments announced the sale of office building ‘Gemini’ at Siriusdreef 22-28 in Hoofddorp to a private investor. Union Street is a platform that was created in 2015 in order to build a leading real estate business in the Netherlands across multiple real estate verticals. It is owned and was established by affiliates of Monarch Alternative Capital LP, a private investment firm with expertise in real estate.

The 10,000 m² office building is going to be transformed into a hotel with 300 hotel rooms and 188 parking spaces. The hotel is expected to open its doors in the first half of 2021. The German operator GS Star will operate the hotel as Holiday Inn, which is part of the InterContinental Hotels Group (IHG).

The Gemini building is part of the office portfolio that Union Street Investments acquired in 2016. Spring Real Estate, the exclusive asset manager of Monarch, has carried out an extensive site survey in collaboration with real estate advisor Savills. Based on this, the decision to transform the office building into a hotel has been made. Heyligers Design + Projects is responsible for the design and assisted the owner in the planning process with the municipality of Haarlemmermeer.

Union Street was commercially advised by Spring Real Estate and Savills during the transaction. Spring Real Estate will be responsible for the ongoing asset management. In addition, Union Street was legally advised by Loyens & Loeff and technically advised by Heyligers Design + Projects.

About Spring Real Estate

Spring Real Estate is a transaction-based real estate services firm with a team of highly educated and analytically skilled employees. The company was founded eight years ago and has grown in record time to become a ‘Top 15’ firm within the Dutch market.

Spring distinguishes itself by using technology and data combined with a strong focus on long term relationships to deliver a structured sales approach and research-driven advice.

About Union Street Investments

Union Street Investments is a platform created by Monarch Alternative Capital LP in 2015 that focuses on purchasing high quality buildings in the Netherlands. The platform is exclusively asset managed by Spring Real Estate and focuses on purchasing buildings which have asset management or development upside potential. It currently holds twelve properties totalling over 99,200 square meters which are located in markets such as Amsterdam, Rotterdam and The Hague amongst others. Union Street is currently in expansion mode and is evaluating numerous additional opportunities to further grow its portfolio.

About Monarch Alternative Capital LP

Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $5 billion in assets under management. Monarch focuses primarily on opportunistic credit and distressed situations across corporate debt, real estate, special situations, and other parts of the credit markets. Monarch has invested over $40 billion in its strategy while maintaining a consistent and repeatable approach. While disciplined in approach, Monarch’s dynamic sourcing enables the firm to capitalize on overlooked and niche areas on a global basis. Monarch draws on the skills and experience of 69 employees, including 23 investment professionals, across its offices in New York and London.

Monarch has a long and successful history of investing in opportunistic real estate focused on areas that leverage Monarch’s core tenets. In addition to significant internal resources, Monarch has substantial relationships with operating partners and advisors that it works with to help create value.

For more information about Monarch, please visit

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