Herbert Smith Freehills has advised Challenger Life Company Limited on its $133 million acquisition and lease back arrangement of The NEXT Hotel at 76 Queen Street, Brisbane.
The recently renovated The NEXT Hotel, strategically located on Queen Street Mall Brisbane, is a mixed used development comprising a 1,827 sqm retail podium and a 304 room 4.5 star hotel operated by the Silverneedle Hospitality Group.
Herbert Smith Freehills assisted with all aspects of the transaction including conducting a full legal due diligence on the asset and the negotiating of the transaction documents, including the contract of sale, the security agreements and the lease back arrangement with a related party of the vendor for the continued management of the hotel business.
The Herbert Smith Freehills team was led by real estate partner Michael Back, who was supported by David Castelino, solicitor.
Herbert Smith Freehills partner Michael Back said, “We are pleased to have supported Challenger finalise the successful acquisition of The NEXT Hotel, which is yet another demonstration of the high activity in the Australian real estate market currently.”
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