| Key Facts | |
|---|---|
| Location | Bratislava, Slovak Republic |
| Deal type | Redevelopment |
| Property type | Prime asset 275 room hotel with 160 place car park |
| Closing date | 2007 |
| Origination | Direct acquisition with ownership |
| Status | Sold |
| Exit date | 2011 |
Origination
- Acquired 90.76% of the shares of the company directly from private French/Lebanese owner for approximately €50 million including €25 million of existing bank debt.
Equity partnership
- Local Operating Partnership.
Role
- Bifrost was responsible for origination, financing, value creation and active management during the holding period.
Value Creation
- Facilitated the closing and directly managed the investment as the local operating partner, acquired additional 8% of shares, secured additional debt financing of €19m.
- Value creation by:
- Acquired additional equity finance in order to reduce the investors' equity exposure
- Secured short term non-core revenue by repositioning underutilised hotel space, and
- Secured first two major steps in permitting process for large scale redevelopment (60,000m2) of the property using existing buildings as well as land adjacent to the property.
- Property was sold when the equity sponsor withdrew finance commitments
Property Type
- Hotel redevelopment into 60,000m2 multi-use property
- existing 275 room hotel
- new 60,000m2 retail/office/residential with 600 parking places
