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Bakers and Ashurst advise on Citigate Perth Hotel sale
Baker & McKenzie and Ashurst have advised on the acquisition of Citigate Perth Hotel.
Digital
Firms: Baker & McKenzie (Pacifica Partners, a joint venture of Host Hotels and Resorts and GIC Real Estate), Ashurst (vendor)
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Deal: US-owned hospitality giant Host Hotels & Resorts acquires Perth Citigate Hotel with Singapore's GIC Real Estate
Area: M&A
Value: $61 million
Key players: Bakers partner Graeme Dickson led the team, supported by senior associates Sebastian Busa, Angela Cowan, Kerryn Kahler and Philip Gledson, as well as banking and finance partner Timothy O'Doherty.
Deal significance: Citigate Perth is a 272-room, four-star hotel located in the west end of the city centre. Bakers provided advice on financing the acquisition, FIRB application, and novation of the management agreement with Mirvac Hotels Pty Limited. According to industry analysts, there will be additional hotel acquisitions and hotel construction while the resources boom continues. Hotels can afford to charge top rates for rooms as business executives struggle to find accommodation in Perth.
