The JV originally acquired the asset in October 2015 as part of an eight asset pan-European hotel portfolio located across Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels. Benson Elliot acquired the asset for an affiliate of BEREP IV (the “Fund”), its latest pan-European private equity real estate fund which was oversubscribed with approximately €700 million of capital at its disposal.
Trish Barrigan, Benson Elliot Senior Partner, said:
“We are very pleased to announce another successful realisation on behalf of the JV. This transaction offered a compelling opportunity to quickly realise value through improving operational aspects of the hotel’s performance, whilst still leaving plenty of longer term value in the tank for the next owner. We have built a strong track record in the hotel sector and remain alert to new opportunities across European markets that will benefit from our strong underwriting capability and asset management expertise.”
Eastdil Secured acted on behalf of the JV.
For further information:
Trish Barrigan, Senior Partner
+44 (0) 20 7808 8900
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000