Deal: The Trawalla Group has acquired a site in Hobart’s Parliament Square and entered an agreement with Marriott International to develop it into a luxury hotel.

Value: $220 million

Area: Property, M&A

Key players: Arnold Bloch Leibler (ABL) corporate partner Jonathan Wenig and property partner Ken Gray led the team advising the Trawalla Group, assisted by senior associate Jason van Grieken (pictured).

Deal significance: The Trawalla Group, a private investment company led by Carol and Alan Schwartz, plans to redesign several heritage buildings in Hobart’s Parliament Square. The site will be the city’s first luxury hotel in more than a decade, with a redevelopment cost of $220 million.

The plan is part of the redevelopment of Parliament Square being conducted by the Trawalla Group, Citta Property Group and Qualitas.

ABL advised on the legal, commercial and property aspects of the acquisition and the Trawalla Group’s agreement with Marriott International to operate the hotel under Marriott’s brand, The Luxury Collection.

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“We were very excited to advise on this landmark project for our longstanding client, having been involved from the very beginning from Trawalla purchasing the entity owning Parliament Square, right through to its agreement with Marriott to redevelop the site,” said lead partner Jonathan Wenig.

Senior associate Jason van Grieken added, “The Parliament Square redevelopment will include Hobart’s first five-star luxury hotel since 2004, which is a testament to the Trawalla Group’s long-term vision and ability to identify unique investment opportunities.”

“We look forward to the finalisation of each stage of the precinct over the next couple of years.”

The Luxury Collection Hobart is set to open in 2018.