Patron Capital checks in to Sheraton Warsaw

Pan-European institutional investor Patron Capital has acquired the Sheraton Warsaw Hotel from a joint venture between private equity real estate fund managers, UK-based Benson Elliot and US-based Walton Street Capital, in partnership with Schroders.

Financial details were not disclosed.

Patron executed the deal in partnership with US hotel group Marriott International. The European Commission was required to approve the transaction under the EU merger regulation.

The Sheraton Warsaw is a five-star property managed by Marriott through its wholly-owned subsidiary Starwood Services Poland.

According to Paul Hastings LLP, the law firm advising the joint venture, the hotel was the last asset in a portfolio acquired by Benson Elliot and its partners in 2015 for 420 mln from Host Hotels. This consisted of eight prime hotels in seven major cities across five countries, including 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.

Paul Hastings also advised on the acquisition of the portfolio in 2015 and on each of the subsequent disposals. The team was led by real estate partner Michael James and associate Edward Meadowcroft, with tax partner Arun Birla, employment partner Suzanne Horne, and finance associate Sierra Taylor.


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