BAKER & MCKENZIE has advised the new owners of the Sheraton Grand Shanghai Tai Ping Yang Hotel, a joint venture led by LaSalle Investment Management, in their negotiations with Starwood Hotels and Resorts on a new management agreement for the hotel.
Most of the work for the deal was done out of the firm’s Sydney office, where the Baker & McKenzie team worked with colleagues in the Hong Kong and Shanghai offices.
A lead partner on the deal, Robert Williams, labelled China one of the “hottest” hotel markets globally in terms of growth and development. “Shanghai is a vibrant gateway city for China, and retaining an operator of Starwood’s quality for the hotel was important for the owner,” he said.
Williams said the firm has developed a recognised expertise in hotel management agreements, and that it is acting on hotel development and management deals across Asia in conjunction with the firm’s overseas offices. “We have worked recently for LaSalle on hotel projects in Bangkok, Phuket, Singapore and Hong Kong,” he said.
Baker & McKenzie’s global hotels team is led by Graeme Dickson, who is based in the firm’s Sydney office. Dickson said: “The documentation and skills required for successfully developing these agreements are very portable, so we are able to bring our hotel industry experience to any region of the world, and then customise the agreement to meet the client’s special needs. We understand the commercial spectrum and industry practice, so can generate significant commercial benefit for our clients.”
Baker & McKenzie worked closely on the deal with the LaSalle Investment Management team, led by Andrew Heithersay.