A joint venture between UK-based private equity real estate fund manager Benson Elliot and U.S.-based Walton Street Capital (in partnership with Algonquin SA) has acquired Prime Europe Hotels, a pan-European portfolio of eight hotels in seven major cities across five countries for approximately €420 million. The portfolio was purchased out of Host Hotels & Resorts Inc.'s European joint venture.
The eight freehold properties cover 2,308 rooms in Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels,. Assembled between 2006 and 2011, the portfolio reportedly has "a profitable trading profile and strong cashflow."
According to Property Magazine, the portfolio includes:
• 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
The JV was advised on the transaction by Paul Hastings and Deloitte.