The Galaxy Tower, a hotel and residential tower in Utrecht’s Beurskwartier district, is nearing completion following a fresh €33.1 million investment from real estate fund Jupiter Capital. Based in Haarlem, the fund invests on behalf of private and institutional investors in property projects. This financing makes it possible to finalise a 92-metre tower set to house 317 rental apartments alongside 250 hotel rooms operated by Amrâth Hotels. The deal was announced on 31 August.
Construction of Galaxy Tower resumed
Good news: on September 4, 2025, construction of the Galaxy Tower in Utrecht resumed! With this, the development of this special landmark is taking shape once again. The Galaxy Tower will soon bring together luxury hotel rooms, modern apartments, and a stylish parking facility in one unique location in Utrecht. Source Amrâth Hotels
A long and chaotic construction history
Construction began in May 2018, with delivery originally scheduled for 2021. A financial dispute then arose between owner De Lelie Vastgoed, linked to the Van Eijl family, hotel chain Amrâth Hotels and construction firm Ballast Nedam, triggering a series of delays.
The dispute centred on several million euros that Ballast Nedam claimed it was owed by the developer. With no agreement on the amount, the contractor exercised its right of retention and brought the site to a complete standstill. The tower partially deteriorated as its façade remained unenclosed. The courts eventually set the sum owed at around €29 million and ruled in favour of Ballast Nedam. De Lelie Vastgoed, forced to pay out tens of millions of euros, found itself in financial difficulty and had to launch a WHOA procedure (Wet Homologatie Onderhands Akkoord), the Dutch equivalent of court-supervised restructuring, to avoid bankruptcy.
Cases of hotel construction sites stalled by disputes and requiring rescue or renovation are multiplying across Europe: in the United Kingdom, Martin Property Group was chosen to renovate and operate the Chester Grosvenor [FLAGGED: internal link — LTH French URL, no confirmed thehospitalitytribune.com equivalent found], a case that highlights the same governance and financing challenges typical of complex hotel assets.
Work resumes after two and a half years at a standstill
Construction resumed in September 2025, after two and a half years of standstill. Pleijsier Bouw took over as the new main contractor to complete the works. Amrâth Hotels had in the meantime provided a €29 million bank guarantee, which led Ballast Nedam to lift its right of retention.
A further layer of financing
The €33.1 million investment from Jupiter Capital represents an additional layer of financing, on top of the bank guarantee previously put in place by Amrâth Hotels. The fund, led by Ronnie Veen, focuses on property investments on behalf of both private and institutional investors. Last March, Jupiter Capital recruited former banker Roan van der Heul as Head of Investor Relations, as part of a drive to professionalise its investor relations.
A multi-party financing structure
The Galaxy Tower rests on a complex financing arrangement. Spoorwegpensioenfonds (SPF), now part of Rail & OV, is set to operate the 317 rental homes once complete. Amrâth Hotels will run the hotel section, occupying the tower’s lower seven floors. De Lelie Vastgoed acted as the project’s developer. Jupiter Capital’s investment adds a further funding source aimed at securing the site’s effective completion.
Delivery expected in mid-2027
Developer De Lelie Vastgoed estimates that the Galaxy Tower (source: RTV Utrecht) [FLAGGED: unverified — figure/estimate sourced from third-party outlet, not independently confirmed] can be completed within a year, which would put delivery at mid-2027 — over six years behind the original schedule. The building will form a mixed-use complex comprising a four-star hotel with restaurants, a bar, meeting rooms, and a fitness and wellness area, topped by 22 residential floors offering apartments ranging from studios to penthouses.
At a glance by The Hospitality Tribune
Jupiter Capital invests €33.1M to complete Amrâth Hotels’ Galaxy Tower in Utrecht
€33.1M new investment from Haarlem-based real estate fund Jupiter Capital, announced 31 August
92-metre mixed-use tower in Utrecht’s Beurskwartier: 317 rental apartments plus 250 Amrâth Hotels rooms across a four-star hotel
Construction started in 2018 but stalled for two and a half years after a court battle with contractor Ballast Nedam over roughly €29M in unpaid claims
Developer De Lelie Vastgoed underwent a WHOA restructuring procedure to avoid bankruptcy; Amrâth Hotels posted a €29M bank guarantee to lift the contractor’s lien
New contractor Pleijsier Bouw resumed work in September 2025; completion now targeted for mid-2027, over six years behind schedule
Dutch rail pension fund SPF (now part of Rail & OV) is set to operate the 317 apartments once delivered
