Eversheds Italy advises UniCredit and syndicate of banks on sale of Setai hotel

The Milan office of Eversheds has advised UniCredit and a syndicate of banks on the sale of the Setai Fifth Avenue Hotel and Residences in Manhattan, New York, to Pacific Fifth Avenue Corporation (Langham Group).

The Setai Fifth Avenue Hotel and Residences is a skyscraper constructed by 400 Fifth Realty (Bizzi & Partners Group) and financed by a pool of Italian banks via a mix of senior and junior debt.

The Eversheds team was led by partner Marco Franzini and associate Charlie Wright in collaboration with US law firm Blank Rome.

Eversheds advised on the financing repayments between the banks and the contractor borrower, 400 Fifth Realty.