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Sheraton Warsaw to change hands

Anna Pakulniewicz 04 February 2019

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Sheraton Warsaw to change hands
The five-star Sheraton Warsaw Hotel at ul. Prusa 2
POLAND Patron Capital intends to purchase all the shares of PEH Warsaw Bidco, which owns the site of the five-star Sheraton Warsaw Hotel at ul. Prusa 2.

Through the purchase the investor will indirectly acquire joint control over the hotel for its Patron Fund, which it will share with Marriott International. The hotel chain manages the Sheraton on the basis of a management agreement that its wholly-owned subsidiary Starwood Services Poland signed with PEH Warsaw Bidco. The proposed acquisition by Parton will have no effect on the terms of this contract. Now the proposed takeover is being examined by the competition authorities of the European Commission.

In 2015, the hotel was taken over in a portfolio transaction worth EUR 420 mln, in which a consortium of two private equity funds, Benson Elliot Capital Management and Walton Street Capital together with the Algonquin hotel group purchased a portfolio of eight properties throughout Europe. The other hotels in the transaction were the Sheraton in Rome, two Westin hotels in Milan and Venice, a Pullman hotel in Paris, the Méridien Grand Hotel in Nuremberg and two assets in Brussels: the Marriott Executive Apartments and the Renaissance hotel.


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