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.
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