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Sheraton Hotel sold to IRE

The Brussels Sheraton hotel was sold to International Real Estate Plc (IRE) with CB Richard Ellis acting as exclusive selling agent for Starwood Hotels and Resorts throughout the process.

Sheraton

The 511 bedroom hotel is located in the North business district in the direct vicinity of the heart of the city and close to the North Station. The Manhattan Centre was built in 1972 as part of a complex with a total area of 160.000 m², comprising offices, restaurants, retail and 2 hotels.

A new long term management agreement has been signed with Starwood Hotels and Resorts and the hotel will continue to operate under the Sheraton brand.

The sales process, completed within a relatively short timeframe of 4 months, consisted in identifying a buyer. IRE is a pan-european investment company, specialised in residential and commercial property investments. In Brussels, IRE already build experience with renovations such as the IT Tower and the Manhattan Centre office complex. With respect to the Sheraton purchase, IRE has a thorough experience in developing commercial property in Belgium, is familiar with local town planning regime and already knows the ownership structure of the Manhattan Centre. IRE is also an expert in hotel properties and an expert in tower redevelopment.

Published on: 04 03 2009

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