Befimmo strict hotel chain The Standard for Noordwijk project

26 july 2021
Today at
10:20

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The deal is a serious boost. The hipster hotel chain has a reputation for breathing new life into problem areas.

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Brussels will be one hipster hotel richer in 2025. That year, The Standard Brussels opens with a statement its doors. Location: ZIN, the mega project with which the real estate group Befimmo has developed the Noordwijk a despised office wasteland to transform it into a hip residential area. Befimmo stripped down the brown WTC towers at the North Station and is converting them into a project with shops and apartments in addition to offices.

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And, not unimportantly, also a large hotel to attract visitors to the site. In that respect, Monday is announced deal with The Standard a boost for Jean-Philip Vroninks, since this spring the new CEO of Befimmo.

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Over the past decades, the hotel chain has built up a solid reputation for putting ‘less obvious’ neighborhoods on the map. In Los Angeles is the cocktail bar with swimming pool on the roof of The Standard has become a must for hipsters and one of the attractions in downtown LA, a place that many tourists and locals scrupulously avoided not so long ago.

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We can’t wait to surprise people and show them how intriguing Brussels is.

Amar Lalvani

CEO Standard International

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Ditto in New York, where The Standard aan de High Line – the railway turned into a garden – one of the big draws is for the Meatpacking District. Most recently, The Standard has been a factor in the revitalization of London’s King’s Cross area.

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“This project is a perfect step for The Standard in Europe,” said Standard International CEO Amar Lalvani in the statement. ‘Once again we are going to completely and unexpectedly invent a building and transform a neighbourhood. We can’t wait to surprise people and show them how intriguing Brussels is.’

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This is mainly due to the double fear that Covid-19 will have a lasting major impact on the office market and that Befimmo is taking too much on its fork with ZIN. Buyers’ interest in a mixed project like ZIN would mitigate investor unrest on both fronts.

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Investors mostly seem to be waiting for an announcement around that outside investor for ZIN before they soften the discount. The Befimmo share again crumbled 0.8 percent on Monday, so that the discount remains stubbornly high.

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Befimmo strict hotel chain The Standard for Noordwijk project

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