Location:	Germany
Description:	Hotel Portfolio Loan

Benson Elliot acquired an interest in a performing mezzanine debt tranche secured by a portfolio of high quality hotels and other assets in Germany.  The underlying assets are majority owned by certain real estate funds managed by an affiliate of Blackstone Real Estate Partners, and the debt position was acquired from the originating bank at a discount to par.

The transaction represents the first discounted debt investment for Benson Elliot, although members of the Benson Elliot team have been active in the origination, acquisition and management of performing and non-performing loans across Europe since the early 1990s.  The sixteen asset portfolio securing the loan includes ten hotels, with approximately 50% of the portfolio by value situated in Berlin.  Prominent properties in the portfolio include the flagship Westin Grand in Berlin, the Park Inn Alexanderplatz in Berlin and the Westin Bellevue in Dresden.