LG warns agents of EU protection failings
7 June 2005
LG has advised investors Blenheim Property Group Limited ("Blenheim Property") – headed by entrepreneur Igal Ahouvi – on the finance side of the £382million sale and management-back of 15 hotels from the Hilton Group to The Managed Hotels Unit Trust ("MHUT"), a Jersey-based unit trust set up by Blenheim Property. Royal Bank of Scotland provided financing for the deal.
The purchased hotels – which include the Hilton Gatwick Airport and Hilton Olympia – are to remain Hilton branded as the sale to MHUT involves a management-back to Hilton under long term management agreements.
The team from LG advising Blenheim Property is led by banking and real estate finance partner Nick Turner and comprised partners Richard Elphick (finance), Michael Lacey (corporate), Kathleen O'Donnell (banking), Christine Jackson (real estate), together with Jon Lent, Marie Larkin, Bradley Silver and Rebecca Robinson.
Nick Turner said: "The transaction involved a Jersey unit trust structure combined with a propco/opco structure, whereby the hotel properties were acquired by a Jersey unit trust and the hotel assets and business acquired by an English operating company." He adds: "It was a challenging and exciting project for our team and a great opportunity for us to work closely with Blenheim Property, whom we've advised for the first time."
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