Sheraton Warsaw to Change Hands

Main Photo: The Sheraton Warsaw

Date: February 2019

Location: Near the Chopin Monument, Botanical Gardens and the Belverdere Palace, Warsaw, Poland

Name: The Sheraton Warsaw – five star

No. of Keys: 350 rooms and suites

Seller: PEH Warsaw Bidco

Buyer: Patron Capital intends to purchase all the shares of PEH Warsaw Bidco, which owns the site of the five-star hotel.

Through the purchase the investor will indirectly acquire joint control over the hotel for it’s 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 Patron will have no effect on the terms of this contract. 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 €420m, 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.

THPT Comment: Clearly not much changes at the hotel operating level.

First Seen: Eurobuild

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