A joint venture between private equity real estate fund managers Benson Elliot and Walton Street Capital of the US in partnership with Algonquin has disposed of the Sheraton Hotel in Rome, Italy for an undisclosed sum.
The JV originally acquired the asset in October 2015 for €420 mln as part of an eight asset pan-European hotel portfolio located across Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels totalling 2,308 rooms.
London-based Benson Elliot acquired the asset for an affiliate of BEREP IV, its latest pan-European private equity real estate fund which was oversubscribed with approximately €700 mln of capital at its disposal.
'We are very pleased to announce another successful realisation on behalf of the JV,' commented Trish Barrigan, Benson Elliot Managing Partner. '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,' Barrigan concluded.
Eastdil Secured acted on behalf of the JV.
