Low interest rates, steadily growing tourist numbers and the stable economic market combine to make the Netherlands – read Amsterdam – Europe’s hottest hotel market, according to Dirk Bakker director of the hotels unit at property consultant Colliers.

This position is confirmed by a recent survey of hotel property investors by consultancy Deloitte, the Financieele Dagblad said on Monday.

German institutional investors, private equity firms from Britain and the US as well as groups from the Middle East and China are buying up Dutch hotels.

The most recent deals include the 213-room four-star NH Hotel Zuid, near Amsterdam’s Zuidas business district, which was sold to Avignon Capital of London for €45m.

The Holiday Inn in Leiden was bought by a group of Chinese investors last week and French investment group Axa has joined forces with a Danish pension fund to develop the Nhow hotel next to Amsterdam’s RAI exhibition centre.

Bakker says hotel properties in Amsterdam are cheaper than in London, Paris or popular German cities.

Overnight tourist numbers in Amsterdam reached seven million in 2016, 1.5 million more than in 2012. And room prices are now 13% higher on average than two years ago, the FD said.