Patron Capital buys last hotel from Benson Elliot and Walton Street JV [updated]
Patron Capital has bought the last hotel from a joint venture between Benson Elliot and Walton Street Capital for an undisclosed sum.
Patron Capital said the five-star Sheraton Warsaw with 350 bedrooms has recently benefitted from a €6m refurbishment programme.
Global law firm Paul Hastings said it advised the joint venture, in partnership with Schroders, on the sale of the Sheraton Warsaw. The sale of the Sheraton Warsaw was the last from a portfolio which the joint venture acquired for €420m in 2015 from Host Hotels, which consisted of eight prime hotels in seven major cities across five countries.
Patron Capital said In conjunction with its joint venture partner, Schroder Hotels, Patron Capital will oversee the next phase of the repositioning of the property.
Keith Breslauer, managing director of Patron Capital, said: “While Patron’s focus is on delivering value through opportunistic investments in the UK and Europe, we continue to see opportunities for value in the CEE. The Sheraton Warsaw Hotel presented one such a compelling investment case.
“Not only is the hotel stable and income-producing at the point of acquisition, but we see significant potential for further upside following an asset management programme to position it as one of the leading properties in Warsaw.”