Two private equity firms have invested in a Dutch company that works with hotel operators including Intercontinental, Hilton and Marriott to convert empty offices into hotels in an all-debt deal.

Metric Capital Partners has invested in Dutch developer TVHG alongside debt and equity investor Hutton Collins Partners, in a €120m deal. The firms have provided TVHG with a credit instrument that will give them a significant minority stake in the business, said a person close to the matter.