Maddocks have advised Hong Kong listed Shangri-La Asia Limited on its acquisition of the Shangri-La Sydney Hotel, from the Government Investment Corporation of Singapore. The Hotel was sold for a record $352 million, setting a new benchmark for the sale price of luxury hotels per room at $626,000.
The Share Sale Agreement exchange took place on Friday, 22 June 2012, with the deal being completed on Tuesday, 18 September 2012. Maddocks advised Shangri-La on all aspects of the transaction, including the negotiation and execution of the Share Sale Agreement and ancillary documentation, and obtaining all consents and authorities required for completion.
“We are proud to have assisted Shangri-La with this landmark deal, which is a testimony to Maddocks’ ability to act on large-scale, complex acquisitions”
Shangri-La has operated the harbour view hotel as manager for the Government Investment Corporation of Singapore, since 2003.
The transaction was led by Maddocks partners Lisa Chung and Bronwyn Badcock, both in the Property team, and Andrew McNee, a partner in the Commercial team, who worked closely together, and were assisted by Chris Kinsella, Leigh Baring and Anna Tang, all of the Maddocks Tax team.
“We are proud to have assisted Shangri-La with this landmark deal, which is a testimony to Maddocks’ ability to act on large-scale, complex acquisitions”, said David Rennick, Maddocks’ CEO.