CASE STUDY: Handling the biggest deals in leisure: Complex deals...straightforward approach
Having worked opposite us on deals for many years, Blenheim Property Group came to know and appreciate the straightforward way that we work. That’s why we were their top choice for legal advice when they were looking to buy a string of Marriott hotels.
It wasn’t the first deal we’d advised Blenheim on. The previous year we’d handled the finance side of a challenging deal involving the acquisition of 16 hotels from the Hilton Group for £397m, where management stayed with Hilton.
A strong track record
Following on from the success of that deal, Blenheim turned to us again. The £1.1bn deal involved acquiring the group of companies that owned 47 Marriott hotels from the Royal Bank of Scotland. It wasn’t as clear cut as that, of course. While the group owned properties in England and Scotland, the companies were incorporated in England, Luxembourg, the British Virgin Islands and Cyprus. The hotels themselves were managed by Marriott. And the deal involved Royal Bank of Scotland facilities aggregating in excess of £925m.
We set up a team who advised on every aspect of the acquisition including corporate and real estate due diligence, banking and securitisation. We also gave Blenheim advice on hotel and asset management due diligence, profit share and shareholder agreements, competition and option agreements.
The sale and purchase went through smoothly, as you’d expect from a firm with LG’s track record for complex deals. But it’s the way we work with our clients that makes the real difference.
"Our corporate, banking and securitisation, hotels and real estate teams really delivered for our client – confirming our position as leading players in the hotel sector." Nick Turner, Partner, Banking & Finance Team, LG
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