European law firm Fieldfisher has advised Millennium & Copthorne Hotels (M&C) on its proposed £65m acquisition of the Chelsea Harbour Hotel.
M&C has entered into conditional purchase and sale agreements with subsidiaries of Harcourt Developments Limited, an Ireland-based development company, for the acquisition by M&C of the leasehold interest in a hotel located within the Chelsea Harbour mixed-use development in London, SW10 0XG, and its related hotel assets (the "Hotel"). The Hotel is a luxury property that borders the River Thames and offers 154 suites and 4 penthouses. The primary lease to be acquired has a remaining term of approximately 98 years. Completion is expected to occur during the first quarter of 2014.
Corporate partner David Wilkinson led on the deal. He was assisted by a team drawn from the firm's corporate, tax and financial services groups, comprising partners Graeme Nuttall, Andrew Prowse, Nick Beecham and Kirstene Baillie, director Clare Burman and associate Caroline Nicholls. Property advice was provided by Wedlake Bell (partner Kim Lalli and senior associate Michelle Powell).
David Wilkinson said "We are delighted to have worked on such a significant hotels based transaction. We were able to work under strict time pressures thanks to the expertise we have across the firm to service clients in this area. The hotels sector is on the up, and when you combine this transaction with those which others are working on around the firm, the picture is very positive."
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