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Hotel group IHG has sold its leasehold interest in the Holiday Inn Melbourne Airport to Pelligra Group.
Source: ihg.com/holidayinn/hotels/us/en/melbourne/melcr/hoteldetail
Firm: Colin Biggers & Paisley (IHG).
Value: Undisclosed.
Area: Hotels, tourism and hospitality.
Key players: The CBP team was led by partner Duane Keighran, who was supported by partner Megan Kavanagh, special counsel Georgia Arya and solicitors Elyse Di Stefano and John Momitsas.
Deal significance: Speaking about the deal, Mr Keighran said it involved “careful consideration” of complex legal issues and that he was “delighted” to assist IHG.
“The tenure of the property was held by way of leasehold interest meaning that we had to liaise with Melbourne Airport Authority. This presented its own unique challenges as the leasehold interest, being Crown land, was subject to its own specific rules,” he said.
“What was interesting about this transaction was that it was multifaceted. We had the sale aspect and the post-sale aspect of IHG managing the hotel after the completion of the sale with a significant refurbishment being undertaken by the purchaser to bring the hotel back up to a really good standard. All parties worked together to achieve the common goal of reinvigorating a fantastically located property. The transaction was assisted greatly by the relationship between IHG and Pelligra, who are developing further hotels together, and our team greatly enjoyed being a part of this transaction for IHG.”
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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Jerome Doraisamy
