US Private equity acquired the asset in 2022 for 100 million
Cheyne Capital, a London-based alternative asset manager, provided a 41 million euros financing facility for the restoration and redevelopment of the iconic Hotel Metropole de Bruxelles (Europe RE).
The construction of this five stars structure took place in 1872-1874 and the grand opening in 1895. Before its pandemic-related closure in April 2020 after 125 years of uninterrupted operation, Hotel Métropole with its 251 rooms and 22 big suites was the only 19th century hotel still in operation in Brussels at 31 di place de Brouckère, close to Boulevard Adolphe Max, the shopping mall Northern Gallery and Rue Neuve.
In November 2022, the Bervoets Family sold the iconic hotel to US private equity Lone Star for 100 million (in the region of 0.4 million per room). The fund said that it was going to change Métropole into a high-end lifestyle structure and open it in 2025 with the support of Centaurus Hospitality Management (Hospitalitynet).
The refurbished hotel will have 267 rooms and provide premium services such as an indoor pool, a fitness area and the reopened prestigious Café Métropole.
Once such sustainable upgrading will complete in 2H26 the Métropole will get the CRREM and BREEAM “Very Good” certifications. The project is implementing best practices for repositioning an old, energy-efficient building according to the latest environmental standards, while preserving historical features.
Jean-Charles Prido, part of Cheyne Real Estate, said: “We continue to have a strong conviction and appetite for the European hotel market, as recent results demonstrate both its resilience and growth. This transaction underlines Cheyne Capital’s commitment to financing sustainable real estate projects, while supporting leading sponsors such as Lone Star”.
In 2023, Cheyne Capital and JP Morgan provided Lone Star with a loan of 895 million for refinancing Quintain Wembley Park, one of the largest urban regeneration projects in the UK. In 2021, Cheyne Capital issued a facility of 81.5 million for supporting Lone Star’s acquisition of the majority of Green City Immobilier, a Toulouse-based residential developer.
