Clifford Chance and DLA Piper advise on $1.5bn hotel sale
The pair has advised on the $1.53bn (£1.06bn) sale of an 81% stake in Plateno Hotel Group to Shanghai JinJiang International Hotels
March 07, 2016 at 07:03 PM
2 minute read
Clifford Chance and DLA Piper have advised on private equity company Actis' sale of its $1.53bn (£1.06bn) stake in Plateno Hotel Group to Shanghai JinJiang International Hotels Development Co.
The Plateno Group was founded in 2005 in China beginning with the 7 Days Inn hotel brand. The Group now has over 6,000 hotels in over 300 destinations.
Jinjiang Hotels acquired an 81% equity stake in Plateno from Actis and other shareholders, including other prominent private equity funds.
Clifford Chance advised Actis on the sale with a team led by Beijing-based Terence Foo, supported by counsel Hong Zhang and associate Bernard Cheng.
Foo said the sale was a "successful divestment to a Chinese strategic buyer".
He added: "With the recent market volatility in China, we continue to see trade sales as a viable exit route for private equity investors."
JinJiang turned to DLA Piper for advice on the deal. Shanghai partner Roy Chan led the team which included Shanghai associate Yiyun Tang.
Other recent Chinese deals include AB InBev's $1.6bn China beer sale. Last week Sullivan & Cromwell, Freshfields Bruckhaus Deringer and Davis Polk & Wardwell were revealed to be advising on the deal, which is set to move AB InBev a step closer to completing its £71bn takeover of SABMiller.
At the start of this year DLA Piper advised Chinese peer-to-peer lender Shanghai Lujiazui International Financial Asset Exchange (Lufax), on its $1.2bn (£857m) two-part share issuance. Clifford Chance advised first round investor Key Horizon on the deal.
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