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The buyer for Sheraton Hotel in Brussels

Sheraton-Brussels-Airport-02

The biggest Belgium’s hotel – Brussels Sheraton has been closed at the end of last year due to bankruptcy.

Now the hotel has found a buyer – Primecity Investment PLC, a company incorporated under the laws of Cyprus.

Primecity Investment is listed on Euronext, with some 60 hotel holdings in Germany and a market capitalisation of more than €1 billion.

Primecity presents itself as a hotel investment company specialising in the repositioning of hotel properties. The group reported a net profit of €62 million in 2016.

None of the parties to the sale wished to confirm the operation, according to the two daily newspapers. After closing, the 500-room Sheraton employed about 200 people.

The 30-storey hotel had been run as a franchise, paying an annual licence fee to the owners of the Sheraton brand, Marriott subsidiary Starwood Hotels and Resorts.

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