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Novotel on Collins sold
A global firm has advised Frasers Hospitality Trust on its acquisition of Melbourne's Novotel on Collins.
Lara Bullock
Firms: Baker & McKenzie (Frasers Hospitality Trust); King & Wood Mallesons (LaSalle Asia Opportunity Fund)
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Deal: Frasers Hospitality Trust acquired the Novotel on Collins from LaSalle Asia Opportunity Fund.
Value: $237 million
Area: M&A
Key players: The Baker & McKenzie team was led by partner Graeme Dickson (pictured), with assistance from lawyers Kerrie Duong, Michael Diston, Kellie-Ann McDade and Sam Appleton.
Deal significance: Singaporean listed Frasers Hospitality Trust (Frasers) purchased the Novotel on Collins from LaSalle Asia Opportunity Fund (LaSalle).
The Novotel on Collins is a four-star, 380-room hotel located in the heart of Melbourne's CBD.
“The hotel is part of a major complex with a significant retail component (which our client did not purchase), which raised important strata title issues and complex cost allocation issues, which were resolved,” lead partner Mr Dickson said.
“It was a pleasure to assist Frasers in relation to this complex transaction undertaken under strict time lines in order to comply with the requirements of the Singapore Stock Exchange with respect to the fundraising that the client was undertaking to finance the acquisition.”
