National law firm Shoosmiths has advised global property investment company London & Regional Properties on its acquisition of the Holiday Inn Express business and property in Portsmouth.
Previously a Hilton Hotel, the property has undergone an extensive refurbishment in the last 12 months. Having acquired a large portfolio from Atlas Hotels last year which included 46 Holiday Inn Express hotels, London & Regional Properties continues to grow its budget accommodation brand with this latest acquisition.
The Shoosmiths team was led by corporate partner Ben Turner with associate Georgina Gurnhill assisting. The real estate team was headed by client partner Kathy Toon and senior associate Stephen Cock provided construction advice. The transaction required significant cross-discipline working combining complex, deal-critical construction aspects as well as specialist hotel and leisure sector expertise.
Known for its 15-strong high-end hotel portfolio which includes the five-star London Hilton on Park Lane and Cliveden House in Berkshire, the Holiday Inn Express sites are its first budget addition to the group.
Leonard Sebastian of London & Regional Properties, commented: 'Shoosmiths provided effective legal advice with a commercial and pragmatic approach on a range of aspects to ensure the process was as efficient as possible'.
Ben Turner, added: 'We are thrilled to assist key client London & Regional on this follow-on acquisition that complements their existing hotel portfolio. The transaction required us to draw upon expertise from across the firm and to provide our client with a seamless one stop shop service. We look forward to working with L&R as it continues to build on their increasingly impressive hotel portfolio.'
Shoosmiths' corporate team advises public and private companies, management teams, investors and debt providers through the business life cycle. Shoosmiths work with businesses from start-up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.
Nationally, the corporate team is ranked in first place by deal volume in Experian's 2016 MarketIQ UK & Ireland M&A league tables. The team was recognised for its mergers and acquisitions expertise at the 2015 M&A Awards, winning the Law Firm of the Year category.
Shoosmiths' real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning, property litigation and environmental issues.
Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporates occupiers, banks and other funders and a range of public sector bodies.