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SJ Berwin Advises Hilton on £382.4 Million Sale
The hotels will continue to be branded Hilton under long-term management agreements with an initial term of thirty years and two options for 10 years thereafter. The sale was one of the first sale and management transactions entered into in the market and involved a number of innovative elements.
The hotels sold are Aberdeen, Basingstoke, Bristol, Bromsgrove, Coventry, Dartford Bridge, Dunkeld House, London Gatwick Airport, London Olympia, Newbury Centre, Newbury North, Newport, Southampton, Strathclyde and Swindon.
The SJ Berwin team was led by leading corporate real estate partner David Ryland, assisted by Stephen Marshall from the corporate real estate group, with Jeff Smith and Andrew Henderson advising on the property issues. Louise Wallace, Tom Page, Daniel Braham and Jacqui Logan of CMS Cameron McKenna advised Managed Hotels Unit Trust.
SJ Berwin worked closely with Paul James, Hilton UK solicitor, in relation to the property and asset related issues and Brian Wilson, Executive Director of Legal Administration at Hilton in relation to negotiation of the underlying management agreements.
David Ryland commented, "This was a complex and most interesting transaction. We were delighted to have advised Hilton on this major deal which is an important part of the company's strategic development."
Notes:
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Thursday 8th December 2005
Corporate and commercial law firm, SJ Berwin's corporate real estate team has advised Hilton Group plc on the sale of 15 hotels to Managed Hotels Unit Trust for £382.4 million.The hotels will continue to be branded Hilton under long-term management agreements with an initial term of thirty years and two options for 10 years thereafter. The sale was one of the first sale and management transactions entered into in the market and involved a number of innovative elements.
The hotels sold are Aberdeen, Basingstoke, Bristol, Bromsgrove, Coventry, Dartford Bridge, Dunkeld House, London Gatwick Airport, London Olympia, Newbury Centre, Newbury North, Newport, Southampton, Strathclyde and Swindon.
The SJ Berwin team was led by leading corporate real estate partner David Ryland, assisted by Stephen Marshall from the corporate real estate group, with Jeff Smith and Andrew Henderson advising on the property issues. Louise Wallace, Tom Page, Daniel Braham and Jacqui Logan of CMS Cameron McKenna advised Managed Hotels Unit Trust.
SJ Berwin worked closely with Paul James, Hilton UK solicitor, in relation to the property and asset related issues and Brian Wilson, Executive Director of Legal Administration at Hilton in relation to negotiation of the underlying management agreements.
David Ryland commented, "This was a complex and most interesting transaction. We were delighted to have advised Hilton on this major deal which is an important part of the company's strategic development."
Notes:
- On 1 June 2005 SJ Berwin LLP, an English limited liability partnership, took over the business of the SJ Berwin general partnership. SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Munich and Paris.
- SJ Berwin LLP was named 'UK Firm of the Year' at the 2005 Legal Week Awards on 30 November. The awards recognised SJ Berwin's five years of international expansion and its involvement in a series of high quality deals.
- SJ Berwin's Real Estate Division totals 118 staff of which 22 are partners (3 of which are tax partners), and 50 assistants, encompassing the disciplines of Commercial Real Estate, Construction, Planning & Environment, Property Litigation, Real Estate Funds and Tax. There is an increasing emphasis on cross firm activity with related areas of Banking and Corporate. The division acts for blue chip clients including British Land, Royal Bank of Scotland, the Hilton Group, Brixton plc, AXA, The Crown Estate, Marks & Spencer and Gazeley.
- The Real Estate Team is Legal Business Real Estate Team of the Year 2005. It was also named "Real Estate Team of the Year" in the Lawyer Magazine Awards 2004, following its advice on the RBS/Canary Wharf transaction the highest-value property investment transaction in the UK in 2004.
- Revenue from Real Estate represents approximately 21% of the firm's total revenue.
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