LG advises on £1.1bn acquisition of 47 Marriott Hotels
27 April 2007
LG has advised a private equity syndicate led by property entrepreneur Igal Ahouvi of the Blenheim Property Group Limited ("Blenheim Property") on its £1.1bn acquisition of 47 Marriott Hotels from The Royal Bank of Scotland. The private equity syndicate includes Quinlan, Delek, Electra, FIBI and various other Israeli investors.
Under the terms of the agreement the hotels, including the landmark County Hall hotel in London, continue to be managed by Marriott Hotels. They are located across England and Scotland.
The LG team advising Blenheim Property was led by banking and real estate finance partner Nick Turner and corporate partner Richard Elphick. The team advised on all aspects of the acquisition including the corporate and real estate due diligence, corporate acquisition, banking, securitisation, hotel management and asset management due diligence, profit share and shareholder agreements, competition issues and option agreements. The deal involved Royal Bank of Scotland facilities aggregating in excess of £925m.
The LG team included partners Christine Jackson (real estate), Mike Lacey (corporate), Martin Mankabady (corporate), Charles Malpass (securitisation), Cathy Diggle (real estate) and assistants Jon Lent, Rachel Mills, Rosie Choueka, Gary Grigor, Bradley Silver and Sam Gray.
Nick Turner, partner, said: "This was a large and complex transaction which required a fully integrated service from our corporate, banking, hotel, and real estate teams. We have a very happy client, and have strengthened our position as a leading player in the hotel sector."
The sale and purchase completed on 30 March.
Notes to editors
- LG is a business law firm. It is based in London and advises clients around the world on their capital raising, real estate and risk and regulation needs. It has a particular knowledge of the hospitality & leisure market as many of its clients operate in the pub, restaurant and hotel sectors.
- The Royal Bank of Scotland was advised by CMS Cameron McKenna on the sale of the hotels. Allen & Overy acted for RBS on the debt funding. Tods Murray, Harneys and Elvinger Hoss & Prussen acted for Blenheim Property in Scotland, the BVI and Luxembourg, respectively.
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Richard Elphick
+44(0)20 7759 6516
Nick Turner
+44(0)20 7759 6605