Benson Elliott, Walton Street, Highgate partner on Barcelona hotel buy

Benson Elliot Capital Management and Walton Street Capital entered into a joint venture, in partnership with Highgate, to acquire the Hotel Silken Diagonal in Barcelona. The nine-floor, 240-room hotel is located on the Agenda Diagonal, adjacent to the Agbar tower in Barcelona’s [email protected] district.

The hotel was acquired by the partnership from a consortium of investors led by Oak Hill Advisors. As part of the sale, Highgate is assuming management of the hotel, which is being rebranded as the Gates Hotel Diagonal Barcelona, an independent brand from Highgate. This will be the second hotel transaction between Benson Elliott and affiliates of Walton Street following the purchase of a portfolio of eight hotels in October 2015, worth an estimated $490 million.

Benson Elliott previously invested in the Grenada 150 site and Cornerstone Poblenou office development in Barcelona’s [email protected] district, exemplifying their familiarity with the area. These investments took place within the last two years, and the [email protected] district is regarded as one of Europe’s largest urban regeneration projects taking place.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“The Hotel Silken Diagonal is located within the broader [email protected] development district, a major regeneration project converting industrial land into an innovative business, residential and commercial district including two major public infrastructure projects,” Steve Barick, COO of Highgate, said in a statement. “The asset is well located in this rapidly-changing area of Barcelona, an already high growth European market. We look forward to our continued partnership with Benson Elliot and Walton Street.”

Suggested Articles

The XR Event Planner places event planners, buyers and hotel sales staff in a virtual reconstruction of an event space.

The collaboration will develop full-service property-management capability that will combine with Sabre’s existing hospitality solutions.

When developing an on-property spa, hoteliers should consider what its strategic objective will be and plan accordingly.