Dutch-based TVHG Budget Group has joined forces with US hotel management group Interstate Hotels & Resorts to acquire and develop nine hotels in the Netherlands. The new joint-venture goes under the name Dutch Hotel Partners.

Interstate already manages the Holiday Inn Express hotel at Amsterdam's Schipol Airport on behalf of TVHG and the new venture will see a further eight hotels undergo construction. A new 254-room hotel at Amsterdam Sloterdijk railway station is already in development and the remaining seven hotels will open in 2012 and 2013.

Eight of the nine hotels are existing office buildings that will be converted into hotels, accounting for 60,000 m2 in total. Office vacancy rates in the Netherlands currently stand at 18%.