find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
In-House Legal Counsel (Mid to Senior)| Regulated Markets (Energy and Gas)
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Full PD on Request · Exciting High Impact Role
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
Cross-border hotel deal finalised

Cross-border hotel deal finalised

Deal

A Japanese company has acquired an Australia-based hospitality group.

Firms: Norton Rose Fulbright (Savills); Baker McKenzie (StayWell Hospitality Group)

Deal: Savills facilitated the acquisition of Australian StayWell Hospitality Group (StayWell) by Japanese chain Prince Hotels.

Value: $50 million

Area: M&A

Key players: The Norton Rose Fulbright team advising Savills included lawyers in Australia, the UK, the UAE, Singapore, China, Thailand and Indonesia. The team was led by Brisbane partner Tom Young (pictured).

Deal significance: Real estate group Savills facilitated the acquisition of the Staywell portfolio by Prince Hotels. The $50 million acquisition includes the Park Regis and Leisure Inn brands.

StayWell operates 18 hotels and has another 12 under development. Prince Hotels will form a fully Australian-owned subsidiary, which will acquire all of the shares in 22 companies operating under the StayWell Hospitality Group.

The acquisition is part of the global expansion plans of Seibu Holdings, Prince Hotels’ parent company.

The cross-border Norton Rose Fulbright team advising Savills reflected the diverse locations of Staywell’s assets.

“It is pleasing to advise on this significant transaction involving the acquisition of the Staywell Hotel Group by Prince Hotels Inc, which will ensure that its impressive portfolio of hotel and leisure businesses is left in safe hands,” said lead partner Tom Young.

“This deal reflects a trend towards global consolidation in the hotels industry and is one of the biggest hotel M&A deals seen in Australia. Reaching a satisfactory outcome for our client is a credit to the cross-border work of our teams throughout Australia, Asia, the Middle East and the UK.”

The deal is expected to be settled in October.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Cross-border hotel deal finalised
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Reduced investment protections will make robust commercial arbitration mechanisms all the more critical for investors
Nov 22 2017
Reduced investment protections will make robust commercial arbitration mechanisms all the more critical for investors
Promoted by Maxwell Chambers. This article discusses the current trend away from investor protect...
Tsunami
Nov 22 2017
‘Document tsunami’ driving lawyers to upskill in TAR
A prominent Victorian judge has highlighted the growing need for lawyers to expand their knowledge o...
Defamation expert appointed to lead Victorian Bar
Nov 22 2017
Defamation expert appointed to lead Victorian Bar
The Victorian Bar has named Dr Matt Collins QC as its new president, with an additional eight member...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...