BSR Europe, a subsidiary of Israeli property company BSR Europe, has teamed with a Polish and a French company to buy the Warsaw Marriott hotel for EUR 118 mln. Each of the partners owns one third of the hotel, Globes Online has reported. The partners are financing EUR 66 mln from shareholders' equity and the rest from a loan from a European bank. BSR Europe estimates the hotel's annual net revenue at EUR 8 mln.
BSR Europe, a subsidiary of Israeli property company BSR Europe, has teamed with a Polish and a French company to buy the Warsaw Marriott hotel for EUR 118 mln. Each of the partners owns one third of the hotel, Globes Online has reported. The partners are financing EUR 66 mln from shareholders' equity and the rest from a loan from a European bank. BSR Europe estimates the hotel's annual net revenue at EUR 8 mln.
BSR Europe chairman Kalman Sufrin and ceo Nachshon Kivity told Globes Online they want to model the 87,000 m2, 555-room Warsaw Marriott according to Yitzhak Tshuva's successful reworking of the Plaza Hotel in Manhattan. This will involve turning the offices on the lower 20 floors of the Warsaw Marriott into luxury condominiums. Another structure will also be built next to the hotel, BSR Europe said.
