Linklaters’ client InterContinental on Paris hotel sale” />
Lovells has muscled in on longstanding Linklaters client InterContinental Hotels Group after landing an instruction to handle the sale of the InterContinental Hotel Paris.
Corporate partner Nigel Read led the team advising InterContinental on the sale of the 438-room hotel to an affiliate of GIC Real Estate, the real estate investment arm of the Singapore government, for €315m (£212.3m).
The sale is the first major corporate deal on which Lovells has acted for InterContinental. Historically, the City firm advised the group principally on contentious matters. Lovells also has a relationship with Martin Foxon, who was hired by InterContinental to run the disposal programme.
The process is part of InterContinental’s ongoing asset disposal programme, which has included the sale of 139 hotels since April 2003, with proceeds of approximately £2.2bn.
It is understood that, to date, Linklaters has handled the lion’s share of InterContinental’s major corporate deals and advised the group on the sale of its £1bn UK hotel portfolio to a consortium comprising Lehman Brothers Real Estate, GIC Real Estate and Realstar Group in March. Linklaters corporate partner Mark Stamp and real estate partner Patrick Plant advised the hotel business’s owner Six Continents.
Baker & McKenzie advised GIC Real Estate on the acquisition of the Paris hotel, while Berwin Leigh-ton Paisner handled the management agreement on behalf of the buyer.
Linklaters declined to comment.