Walton JV buys pan-European hotel portfolio for €420m
A joint venture between U.K.-based Benson Elliot and U.S.-based Walton Street Capital, in partnership with Algonquin SA, has acquired a pan-European hotel portfolio for approximately €420 million ($461 million).
The seller of the Prime Europe Hotels portfolio was Host Hotels & Resorts from its European joint venture with Singapore’s GIC and Amsterdam pension fund APG.
The portfolio comprises eight prime hotels in Brussels, Milan, Nuremberg, Paris, Rome, Venice and Warsaw located adjacent to key demand generators, either in metropolitan city centers, high-growth commercial corridors or leisure destinations.
The full-service hotels are The Sheraton in Rome, totaling 640 rooms; the 396-room Pullman Paris Bercy; the 350-room Sheraton Warsaw; the 262-room Renaissance Hotel in Brussels; the 227-room Westin Palace Milan; Le Méridien Grand Hotel in Nuremberg, with 192 rooms; the 185-room Westin Europa and Regina in Venice; and the 57-uni