Patron, Halcyon Pay $59M For Insolvent Von Essen’s Hotels

Law360, New York (December 8, 2011, 6:27 PM EST) -- Real estate-focused private equity firm Patron Capital Ltd. has teamed up with the newly formed Halcyon Hotels and Resorts PLC in the £38 million ($59 million) purchase of seven U.K. hotels from the insolvent Von Essen Group, Patron said Thursday.

The London-headquartered Patron is ponying up 95 percent of the investment money while Halycon, whose CEO Nigel Chapman used to own four of the properties before selling them to Von Essen in 2005, said his company is committed to "returning them to their former glory.”...
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