Thistle Hotels uses CC on mass sell-off
Legal Week reports
March 20, 2002 at 07:03 PM
2 minute read
Clifford Chance (CC) has advised Thistle Hotels on the sale of 37 hotels, worth more than £600m, in what is the largest deal the firm has done for the client since the hotel group's flotation in 1996.
The firm acted on the sale of a portfolio of provincial and London hotels to Euro & UK Property, the parent company of acquiring subsidiary Orb Estates. The sale is expected to leave Thistle Hotels with £1bn worth of assets.
The deal, which began in December 2001, took eight weeks and was closed on 12 March. It will see its formal completion after a Thistle shareholder group meeting on 4 April.
Corporate partner David Pudge, assisted by corporate partner Simon Clinton and property finance partner Peter Armstrong, led the CC team.
Thistle's chief executive, Ian Burke, oversaw the transaction with in-house legal head Cathy Baxendall. They were assisted by Leeds-based property law firm Davidson Webber, led by partner Russell Davidson who advised on extra property issues.
Euro & UK Property was advised by Fladgate Fielder corporate partner Nicolas Greenstone.
Thistle, the largest hotel group in London, has not included its flagship London properties Royal Horseguards and the Thistle Tower in the deal.
"This move is likely to strengthen property values for the group and for the sector as a whole," Pudge said.
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