Baker & McKenzie has advised Abacus Property Group on its A$85 million acquisition and management agreement of the Swissôtel Sydney. The purchase from Singaporean company MCH (Services) PTE Limited, brings the total assets of Abacus' Hospitality Fund to A$265 million, with over 1360 rooms under management.
The 359 room, deluxe five-star hotel will continue to be managed by Swissôtel Hotels and Resorts, which currently operates 22 luxury hotels worldwide. Swissôtel is one of four brands owned by Fairmont Raffles Holdings International.
Situated between the city's busiest shopping precinct and the CBD's main thoroughfare, the Swissôtel is central to Sydney's prime business, tourist, shopping and entertainment districts.
Baker & McKenzie lawyers Roy Melick (Partner) and David Jones (Senior Associate) led the hotel real estate and business acquisition team, with Graeme Dickson (Partner) and Jacqui Keller (Associate) acting on the management agreement between Abacus and Swissôtel.
Commenting on the deal, Roy Melick said "this transaction is significant for our client, providing them with a valuable hotel asset. The hotel is uniquely located in a mixed use building that comprises a carpark, Myers department store and residential apartments located in the retail centre of Sydney. The negotiations for the acquisition were lengthy and involved discussions with parties in Canada, the United States and Australia."
The sale was managed by David Gibson of Jones Lang LaSalle Hotels. MCH (Services) PTE Limited was advised by Freehills and Swissotel were advised by Heller Ehrman LLP.
About Baker & McKenzie Founded in 1949, Baker & McKenzie is a global law firm of more than 3,400 locally qualified, internationally experienced lawyers and 6,600 other professionals and staff in 70 offices in 38 countries. Global revenues for the fiscal year ended June 30, 2006 exceeded US $1.522 billion. John Conroy is Chairman of the Firm's Executive Committee. (www.bakernet.com)
Baker & McKenzie's Hotels, Resorts & Tourism Practice Baker & McKenzie's Hotels, Resorts & Tourism lawyers help investors, developers, operators and service providers turn concepts into profitable realities. With a global team in major financial and destination markets, always up-to-date on trends, best practices and the laws and regulations that govern activities in this area. In Australia, they have undertaken a broad range of assignments for developers, operators, financiers and other prominent industry participants. The local team also has substantial international experience, having advised on projects in Indonesia, Thailand, New Zealand, Fiji, the Peoples Republic of China, Maldives, Tahiti and Malaysia.
They frequently advise on hotel management contracts, acquisitions and sales of hotels and resorts, integrated resort developments, government regulation and problems that can arise in the ongoing management of properties. For more information visit www.bakernet.com/tourism.