A joint venture (JV) conducted by Benson Elliot Real Estate Partners V, a British real estate fund managed by Benson Elliot Capital Management LLP, and peer Schroder Real Estate Hotels has acquired three hotels in Disneyland, Paris.
Totalling 1,183 rooms, the themed hotels, that are adjacent to one another, were acquired in two separate off-market transactions for a total purchase price of about 240 million euros ($261 million).
Dream Castle and Magic Circus, both four-star hotels, were acquired from Austrian real estate developers Warimpex and UBM Development AG, whereas Explorers was bought from a JV managed by Schroder.
Additionally, the joint venture has engaged Schroder Real Estate as the property manager for the acquired portfolio, constructed between 2003 and 2007.