Blackstone is to sell a pan-European portfolio of five Sheraton hotels for €400m (£342m). The firm bought the assets from pan-European hotel asset manager Hospitality Europe BV in a €650m deal in 2006.
Blackstone has already realised around €308m from the sale of the other three assets and if it agrees a sale of the hotels at the €400m guide price it will make a profit of €58m on the total portfolio.
The hotels are largely airport hotels in European cities. CBRE and Eastdil have been instructed to find a buyer and a formal marketing process is expected to begin in the next two weeks.
The assets are the Sheraton Frankfurt Airport hotel, the Sheraton Amsterdam by Schiphol Airport, the Sheraton Brussels Airport as well as the Four Points Hotel in Brussels and the Hyatt Regency in Paris.
Blackstone started unloading assets from the portfolio in 2013 when it sold the Hotel Pulitzer Amsterdam to Riverland Coöperatief for €106m and the Sheraton in Stockholm to Host Hotels & Resorts for €102m.
In December last year it sold the Hilton Prague Old Town to Singapore-based M&L Hospitality Trust for around €100m through JLL.
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