Starwood Hotels & Resorts, advised by CB Richard Ellis, has sold Brussels' Sheraton hotel, the largest hotel in the city, to the pan-European investment company International Real Estate Plc (IRE) for an undisclosed amount.
Starwood Hotels & Resorts, advised by CB Richard Ellis, has sold Brussels' Sheraton hotel, the largest hotel in the city, to the pan-European investment company International Real Estate Plc (IRE) for an undisclosed amount.
The 511-bedroom hotel is located in the North Area of Brussels and is part of the Manhattan Centre - a local landmark development comprising the Sheraton Brussels hotel as well as an office tower, retail space, underground car parking and an additional hotel owned by the Thon Stanhope Group. A new long-term management agreement has been signed with Starwood Hotels & Resorts and the hotel will continue to operate under the Sheraton brand.
The sale was completed within a relatively short timeframe, CBRE said.
IRE, which is quoted on the AIM-stock exchange in London, specialises in residential and commercial property investment and was founded by the British-Swedish businessman Rolf L. Nordström. Nordström has been active in the Brussels market for the last 20 years and was one of the first Swedish investors in the region. His name is linked to properties such as the Manhattan Centre and the IT Tower in Brussels.
