Zurich: Twenty14 takes over IntercityHotel at the airport

Twenty14 Holdings, the hospitality investment arm of Abu Dhabi-based LuLu Group International, has signed a forward purchase agreement with developer Necron for the IntercityHotel in Ruemlang, according to a statement. To date, the holding company says it holds a $750 million portfolio of luxury properties in the United Kingdom, Middle East and India. Twenty14 has not been present in continental Europe so far.

The IntercityHotel will be a four-star hotel with 260 rooms and is being built near the Rümlang train station and the A1 highway. It includes meeting and event rooms, a restaurant, a fitness center and a wellness area, as well as underground and outdoor parking. The hotel - the first of the IntercityHotel brand in Switzerland - is scheduled to open in 2020. The operator is Deutsche Hospitality (Steigenberger Hotels AG), which has signed a 20-year lease.

"We are delighted to celebrate our entry into the European mainland with our first property in Zurich," said Adeeb Ahamed, managing director of Twenty14 Holdings. "It is an important milestone for our group portfolio as we strive to become a billion-dollar investment firm by 2020."

The IntercityHotel at Zurich Airport is Twenty14 Holdings' second property to be operated by Deutsche Hospitality, according to the release: The company currently operates the holding company's Steigenberger Hotel Business Bay in Dubai. Twenty14 Holdings also owns, among other properties, the Sheraton Oman Hotel in Muscat and, in Europe, the historic Waldorf Astoria Edinburgh - The Caledonian. In addition, Twenty14 Holdings has signed a £110 million agreement with developer Galliard Homes to build a five-star hotel at 1-5 Great Scotland Yard, the former headquarters of the London Police. (ah)