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CMS advises long-standing client PRUPIM on complex real estate transaction |
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Date: 20/07/2010
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James Miller, Thomas Page
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The Real Estate team at CMS Cameron McKenna LLP has successfully advised long-standing key client PRUPIM on the purchase of 44 hotels from restaurant and pub operator, Mitchells & Butlers. As part of an £81 million deal, Travelodge, the low cost hotel operator based in the United Kingdom, will lease the hotels from PRUPIM. a leading real estate fund manager.
This challenging deal involved extensive coordination across the firm, with the Employment, Environment and Tax teams providing support to the Real Estate group.
The team was led by Real Estate partner James Miller, supported by Sarah Allonby, Jane Stephenson and Katie Paul, including James Froud, Eleanor Corey, Robert Patterson, Chris Fletcher, Allan Payne, Richard Curtis, Richard Roth, John Grieves, Ruth Glinister, David Abel, Amy Harper (Employment), Olivia Quaid and Jo Hopkins (Environment) and Harpreet Bhatti and Panayiota Petrou (Tax).
James Miller comments, “The firm has been working with PRUPIM for over 10 years, and we were very pleased to advise them on such a significant transaction. This deal was not without its complexities, but it was made possible due to the coordination and in-depth industry knowledge of our team and the in-house team at PRUPIM.”
Tom Page, Head of the Hotels & Leisure Sector group from CMS in the UK comments, “This transaction, together with a number of other hotel transactions that CMS has recently been or is currently working on, such as the Accor's sale of five hotels to Invesco and Gresham Hotels' sale of the Park Inn Hyde Park, London, demonstrate that the freeze on the hotel investment market that we have seen in the last two years has finally thawed. Like the recent predictions from Jones Lang Lasalle in relation to growth in the US hotel investment market, we predict that 2010 will see very significant growth in hotel transaction volumes compared to 2009".
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