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G+T acts on Sofitel Wentworth purchase

Gilbert + Tobin acted for TAHL WH Pty Limited, a joint venture vehicle of Babcock & Brown and Accor Asia Pacific Corporation Limited, on its acquisition of the Sofitel Wentworth Hotel from…

user iconLawyers Weekly • 15 May 2006 • Big Law
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Gilbert + Tobin acted for TAHL WH Pty Limited, a joint venture vehicle of Babcock & Brown and Accor Asia Pacific Corporation Limited, on its acquisition of the Sofitel Wentworth Hotel from City Freeholds. Landerer & Company advised the vendor.

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The five-star hotel sold for more than $150 million. The property, built in the 1960s, recently underwent a $60 million refurbishment and is now heritage listed. Under the deal, Accor Asia Pacific will continue to manage the hotel under the Sofitel brand, with City Freeholds keeping ownership of the retail premises and car park.

G+T’s real estate team acted on the purchase of the property and business conducted on the site. The purchase was effected by simultaneous exchange and completion.

Successful negotiations included the sale contract, the heritage agreement with City of Sydney Council and car parking rights with the adjoining owner.

The firm’s finance specialists, led by partner James Lewis, advised TAHL WH Pty Limited on the debt funding of the acquisition, provided by ANZ Bank Limited and Calyon Australia Limited.

David Wilkie, who led the G+T project team, said the deal represented a significant acquisition for the joint venture and enabled Accor to maintain a flagship Sofitel hotel in Sydney.

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