New hotel for Melbourne’s Southbank
Norton Rose Fulbright has advised a Singaporean hospitality company on its acquisition of a new hotel in Melbourne’s Southbank.
Firm: Norton Rose Fulbright (Next Story Group)
Deal: Singaporean hospitality company, Next Story Group, has acquired a new hotel in Melbourne’s Southbank.
Area: M&A, Hospitality
Key players: NRF partner Adrian Jones was assisted by partners Greg Reinhardt and Jeremy Wickens, special counsel Luke van Grieken and associate Jacinta Magazzu.
Deal significance: The 16-storey, 162-room property at 167 City Road is completing fit-out and will open as the LinQ Hotel Melbourne Southbank on 1 September, a statement from Norton Rose Fulbright said.
According to the firm, “the lifestyle and experience-based hotel” will be the group’s first asset in Australia under its “upper mid-scale” LinQ brand.
The group’s other core bands include the Sage Hotel and Next Hotel, it was flagged.
A team led by Adrian Jones advised Next Story Group on negotiations and completion of the sale, with asset due diligence undertaken.
Corporate and tax structuring advice was also provided, as well as negotiation on the existing construction contract.
Commenting on the deal, Adrian Jones said: “We are pleased to have assisted Next Story Group in the next stage of its strategic growth in the Australian market.”
He explained that “this strategy led the group to acquire the right property in the right location, the Melbourne Southbank precinct being a vibrant hub that attracts locals and travelers alike”.