Portfolio Summary
Arts Barcelona - sold
- Parent company (Sogo) went bankrupt forcing liquidation
- Assets trapped in complex corporate structure with management contract on hotel
- Via
corporate investment, acquisition of mixed use portfolio of approx. 1.2 million square feet consisting of:
- 44-story, 482-room, 5-Star Hotel Arts
- 12,375 sq.m Office Building
- 13,084 sq.m Retail Building
- 3,611 sq.m Land Parcel
- Deal won “International Hotel Deal of the Year” in 2001 and Harvard Business School case study notes its success despite adversity
- Effective exit achieved via sale of office building, land plot, most of retail, massive underground parking, refinancing of hotel and sale of approximately 95% of Patron's original interest into retail limited partnership structure
- 2nd refinancing completed early 2006 with proceeds expected in mid 2006
