The firm said it was one of Australia’s largest single hotel transactions, and negotiations between Eureka, Walton Street Capital and Four Seasons Hotels took more than a year to conclude.

“This is a significant acquisition for Eureka Funds Management, not just because of the size but also because it is an iconic property that is a good fit for its portfolio of hotels here and in New Zealand,” said lead partner on the deal, John Stawyskyj, from the firm’s hotels tourism and gaming group.

“The complexity of the transaction was increased by the length of the negotiation process and also because it was initially an acquisition of shares over the Belgian Holding Companies.

“It then became an acquisition of shares in the Australian Holding Entities, ultimately ending up as an asset sale agreement with a risk allocation as close as possible to a corporate acquisition.”

The Blake Dawson Waldron team was led by John Stawyskyj and included Karen Donner, Lindy Randall, Alice Nairn and Nicole Chew, Michael Astill, Susannah Powter and Clifford Ireland, Chris Greiner, Melissa Hetherington and Damien Roberts, Jennie Mansfield and Justin Li, Lisa Ritson and Natalie Hazel, Bill Cannon and Alex Evans, Tim Lipscombe, Keiran McPhail and Sharon Smith.

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The team worked closely with Eureka Funds Management’s in-house team led by Kumar Kalynakumar, Michael Cowan and Nigel Greenaway on the transaction.

The Eureka Core Property Fund 1, set up in 2004, has already acquired nine hotels in Australia and New Zealand that are operated by the Intercontinental Hotels Group.