DLA Piper has advised APG Asset Management on its US$130 million investment in the hotel assets of Lemon Tree Hotel Holdings Limited (“Lemon Tree”), one of India’s largest mid-market and upscale hotel developers and operators.
DLA Piper gave strategic legal counsel to APG Asset Management in regard to the acquisition of two of Lemon Tree’s existing hotel assets in India, in Bangalore and Chennai, which will be owned by a joint venture. DLA Piper also advised on negotiating hotel management and development management arrangements for these hotel assets. The transaction also included a minority investment by APG Asset Management in the share capital of Lemon Tree Hotel Holdings Limited.
This high-value transaction was a cross-team collaboration between DLA Piper’s Real Estate and Corporate Groups as well as India counsel Rupinder Malik of J Sagar Associates. It was led by Susheela Rivers, partner and Asia Pacific Head of the Real Estate group and Asia Head of Hospitality and Leisure sector. The team of lawyers included Lillian Duan, Benjamin Hirasawa and Timothy Franklyn.
Commenting on the deal, Susheela Rivers said: “The hotel and hospitality industries in Asia are experiencing unprecedented growth given the economic development in the region and changes in lifestyle and the investment by our client APG Asset Management is indicative of this trend. We are delighted to have assisted APG Asset Management in the development of its business in Asia. Our team is well-versed in the transactional components of hotel businesses and we therefore had a unique vantage point from which to support our client from a legal perspective.”
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