Freshfields Bruckhaus Deringer and Mayer Brown JSM have advised on the sale of five-star hotel InterContinental Hong Kong to a consortium of investors for $938 million.
The buyer is Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners. Investors include a foreign investment corporation and Hong Kong-listed investment holding company Pioneer Global Group.
Supreme has paid a $94 million cash deposit to InterContinental Hotels Group (IHG), with the remaining proceeds to be paid once the deal is completed. The sale is expected to close in the second half of 2015.
IHG said it will retain a 37-year management contract with the hotel, with three 10-year extension rights, giving an expected contract length of 67 years.
A team led by Freshfields’ Asia managing partner Robert Ashworth represented IHG on the deal.
Mayer Brown advised Supreme on its purchase, led by Hong Kong real estate partner Ricky Yiu. He was supported by a large Hong Kong team comprising real estate partner Andrew MacGeoch, property finance partner Wilson Wong, employment partners Duncan Abate and Hong Tran, corporate partners Mark Uhrynuk and Jeremy Cunningham, construction partner Menachem Hasofer, and insurance partner Tow Lu Lim. Washington D.C.-based government and global trade partner Simeon Kriesberg also assisted on the deal, alongside tax partners Pieter de Ridder in Singapore and Sandy Bhogal in London.