A joint venture between private equity real estate fund managers, UK based Benson Elliot and US based Walton Street Capital, L.L.C. (‘Walton Street’) in partnership with Algonquin SA, has acquired a pan-European hotel portfolio Prime Europe Hotels (the ‘Portfolio’) comprising of eight prime hotels in seven major cities across five countries for approx. €420 mln. The portfolio was purchased out of Host Hotels & Resorts Inc.’s European Joint Venture.
The eight freehold properties total 2,308 rooms in Venice, Paris, Milan, Roma, Warsaw, Nuremberg and Brussels, located adjacent to key demand generators, either in metropolitan centres, high-growth commercial corridors or leisure destinations.
The Portfolio comprises the following assets:
- The Pullman, Paris Bercy
- The Westin Europa and Regina, Venice
- The Westin Palace, Milan
- The Sheraton, Rome
- The Sheraton, Warsaw
- Le Méridien Grand Hotel, Nuremberg
- The Marriot Executive Apartments, Brussels
- Renaissance Hotel, Brussels
Robert Bloom, Senior Principal at Walton Street, said: “This Portfolio represents a high-quality collection of full-service branded assets that is being acquired at both an attractive yield and significant discount to replacement cost, at what we believe is an opportunistic point in the investment cycle. We are excited about this transaction and look forward to working with our JV partners, Benson Elliot and Algonquin, to maximize value.”
Source: Benson Elliot, Walton Street, Algonquin
