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
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