3 March 2009--The 511 bedroom hotel was offered to the market on behalf of Starwood Hotels & Resorts. Located in the North Area of Brussels, the Hotel is currently operating as the largest hotel in Brussels and is part of the Manhattan Centre.
The sales process, completed within a relatively short timeframe, succeeded in identifying a buyer which is experienced in developing commercial property in Belgium, is familiar with the local planning regime and the ownership structure of the Manhattan Centre. The candidate has all the required qualities: expertise in the hotel market, expertise in the redevelopment of multi storey constructions (the IT Tower, for example) and as a result of this has a very good knowledge of the Manhattan Centre.
The hotel was sold to International Real Estate Plc (IRE) with CBRE Hotels acting as exclusive sole selling agents for Starwood Hotels & Resorts throughout the process. IRE is a pan-European investment company, specialising in residential and commercial property investment 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. Last year IRE, quoted on the AIM-stock exchange in London, was particularly active in Germany and the Benelux region. IRE acquired the Monnet Centre in Louvain-La-Neuve with a development capacity of 50,000 sq m.
A new long term management agreement has been signed with Starwood Hotels & Resorts and the hotel will continue to operate under the Sheraton brand.
Brussels offers a very dynamic hotel market with nearly 17,000 rooms in 190 hotels and with nearly all international hotel chains present.
The transaction highlights the cohesiveness of the CBRE Hotels network and ultimately resulted in maximum value for our clients in a challenging marketplace.
About CBRE Hotels
CBRE Hotels is the world’s leading, full-service, real estate advisory group focused exclusively on the hospitality industry. CB Richard Ellis Hotels provides consultancy services for the sale, valuation, financing, development and asset management of hotels. Headquartered in London, the group has offices in Ireland, France, Spain, Italy and CEE (Central and Eastern Europe) with dedicated hotel teams in the United States and the Asia-Pacific region. During 2008, the combined value of assets successfully sold and valued by CBRE Hotels worldwide was in excess of €23.5 billion. In 2008, the value of assets transacted by CBRE Hotels EMEA was in excess of €5 billion. This represents an EMEA market share of 35%. During 2008, CBRE Hotels successfully sold and valued over 300 assets across the EMEA region.
For copies of any relevant photographs please contact emily.newman@cbrehotels.com. For further information visit www.cbrehotels.com.
About Starwood Hotels & Resorts
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 930 properties in approximately 97 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched AloftSM, and ElementSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.