Kingdom Hotel Investments – Sale of the Swissôtel Kunshan, People’s Republic of China
08 April 2011
ABU DHABI, DUBAI, SHANGHAI and LONDON - Hogan Lovells has advised Kingdom Hotel Investments on its agreement to sell the Swissôtel Kunshan in Kunshan, People’s Republic of China to Swiss Liberty Sdn. Bhd, a wholly owned subsidiary of Malaysian publicly listed company, TA Global Bhd.
TA Global BHD was advised by Blake Dawson on this purchase. The consideration was USD60.75 million and the transaction, signed at the end of January 2011, closed on 7 April 2011.
Dubai based Kingdom Hotel Investments, a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is a long standing client of the firm and a leading international hotel and resort real estate investment company focused on emerging markets.
The Hogan Lovells team was led from the UAE by corporate partner Sean Harrison and associate Rachel Squires, supported by colleagues in Shanghai led by corporate partner Steve Robinson and tax colleagues in London led by tax partner, Philip Gershuny.
Sean Harrison spoke of the transaction:
"The transaction was a great start to the New Year and an important illustration of recovery and renewed interest in the hospitality sector, particularly in Asia. We understand it is the first arms length hotel transaction in China, in a city outside of Beijing and Shanghai, since late 2008.”
The Blake Dawson team was led from Singapore by partner Rhonda Hare and senior associate Rhiannon Barnard.
About Hogan Lovells
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Hogan Lovells (the "firm") refers to the international legal practice comprising Hogan Lovells International LLP, Hogan Lovells US LLP, Hogan Lovells Worldwide Group (a Swiss Verein), and their affiliated businesses, each of which is a separate legal entity. Hogan Lovells International LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG. Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia.
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About Blake Dawson
Blake Dawson is an Australasian law firm with offices across Australia and in Singapore, Shanghai, Papua New Guinea, Tokyo Japan and an associated office, Oentoeng Suria Partners, in Jakarta Indonesia. For more than 15 years, our fully integrated Hotels & Tourism team has been supporting clients in this sector. Blake Dawson are adept at negotiating across different cultural, legal and economic systems and have been involved in major hotel projects across Asia Pacific and the Middle East.