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Bakers checks in with worldwide hotel deal

Bakers checks in with worldwide hotel deal

Baker & McKenzie advised Tourism Hotels and Leisure Limited (THL) on its approximately $9.5 million acquisition of an initial 30 per cent strategic stake in Dutch hotelier Golden Tulip…

Baker & McKenzie advised Tourism Hotels and Leisure Limited (THL) on its approximately $9.5 million acquisition of an initial 30 per cent strategic stake in Dutch hotelier Golden Tulip Hospitality BV, which owns the worldwide rights to the Golden Tulip and Tulip Inn brands.

A wholly owned subsidiary of THL was granted exclusive rights to develop and market the Golden Tulip, Tulip Inn and Golden Tulip Resort brands throughout Asia and in Australia and NZ.

THL also has the option to increase its stake from 30 to 50 per cent.

Baker & McKenzie corporate partner Richard Doyle, Sydney corporate senior associate Hanna Lee and Amsterdam corporate partner Mike Jansen co-ordinated a team of lawyers across the firm’s offices in Amsterdam, Hong Kong, London, Sydney and Zurich to complete the transaction.

Doyle said transactions involving worldwide hotel groups were reasonably rare, and for an Australia-based firm to play such a large role was very unusual. He said the transaction lasted for a “very intensive” five months.

The deal involved the consideration of Dutch and Australian corporate and employment law, significant intellectual property law, and licensing law issues.

The team had to ensure that the structure of the transaction was “appropriate from a taxation standpoint” and “compliant with Australian Stock Exchange listing rules and corporate law requirements,” Doyle said.

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