A Benson Elliot hotel joint venture has completed the sale of two Westin hotels in Italy, bringing the proceeds of seven exits from the 8-asset Prime Europe Hotels (PEH) portfolio to €550 mln in 24 months. The joint venture had acquired the portfolio for €420 mln.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
