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Quest sells majority stake to Singapore operator

Quest sells majority stake to Singapore operator

Sells

The founders of Quest Apartment Hotels has been advised on the sale of a majority stake to The Ascott Limited.

Firms: Clayton Utz (Quest Apartment Hotels); King & Wood Mallesons (Ascott Limited)

Deal: Quest Apartment Hotels (Quest) has been advised on the sale of a majority stake to The Ascott Limited, a subsidiary of SGX-listed CapitaLand, supporting the expansion of the Quest brand.

The transaction was announced to the market on 5 July.

Value: $193 million

Area: M&A

Key players: The legal team advising Quest was led by Clayton Utz M&A partner Andrew Walker and senior associate Aimee Nguyen, with assistance from lawyers Tiffany Leach and Chris Fitzgerald.

Deal significance: According to a statement from Clayton Utz, under the terms of the deal, the founders of Quest will sell a 60 per cent stake for cash consideration of $193 million.

This will effectively increase Ascott’s interest in Quest to 80 per cent, the firm said.

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