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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


“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 company's main markets are still substantially affected by the measures rolled out to combat the COVID-19 health crisis.

Revenue per available room and occupancy increased over Q2, but uncertainty around the industry’s recovery remains.

The integration aims to provide hoteliers with seamless and complete visibility over group, catering and event sales performance activity.