Patron Capital has completed the acquisition of the Sheraton Warsaw Hotel from a consortium comprising Benson Elliot, Walton Street and Schroders Hotels. Well located in close proximity to the embassy district of the Polish capital, the Sheraton Warsaw is a five-star hotel with 350 bedrooms. It has recently benefitted from a c. €6m refurbishment programme to upgrade both the rooms and common areas, as well as secure planning permission for an additional ground floor retail unit.
In conjunction with its JV partner, Schroder Hotels, Patron will oversee the next phase of the repositioning of the property and has already identified a range of asset management initiatives to drive value, including upgrading the main customer-facing areas, improving the Food & Beverage offering and providing additional street-facing retail space. The purchase price was not disclosed.
Keith Breslauer, Managing Director of Patron Capital, said: “While Patron’s focus is on delivering value through opportunistic investments in the UK and Europe, we continue to see opportunities for value in the CEE. The Sheraton Warsaw Hotel presented one such a compelling investment case. Not only is the hotel stable and income-producing at the point of acquisition, but we see significant potential for further upside following an asset management programme to position it as one of the leading properties in Warsaw. Underpinned by a rapidly developing Warsaw market, Poland offers attractive fundamentals that mean we will always consider transactions that are supported by collaborating with a strong joint-venture partner. We look forward to working with Schroder Hotels to drive further value at this trophy asset.”
