A joint venture between private equity real estate fund managers, UK-based Benson Elliot and U.S.-based Walton Street Capital, in partnership with Algonquin SA, has acquired from Host Hotels & Resorts’ European Joint Venture a pan-European hotel portfolio comprising of eight prime hotels in seven major cities across five countries for approximately €420 million (US$460 million).
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 centers, 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
“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,” said Robert Bloom, senior principal at Walton Street.