Leading international law firm Clifford Chance has advised Partners Group, a leading global private markets firm, acting on behalf of its clients, in relation to the acquisition of a portfolio of 11 Travelodge hotels in Australia from Mirvac and NRMA for AU$620 million (US$460 million). Partners Group will acquire the portfolio in a joint venture with Singapore sovereign wealth fund GIC and Australian hospitality operator Salter Brothers. Completion of the transaction remains subject to satisfaction of customary conditions precedent.
The acquisition of the Travelodge portfolio is the largest of its kind to transact in Australia and is understood to represent one of the biggest hotel real estate transactions in Asia Pacific this year to date. The Travelodge portfolio is diversified across key metropolitan centres, including Sydney, Melbourne, and Brisbane, and consists of over 2,000 rooms. Acquiring the portfolio will provide an opportunity for Partners Group to capitalise on the long-term relative value of Australia’s hospitality sector and will enable immediate scale in the sector.
Partners Reuben van Werkum and Andrew Crook led the transaction, with a team of lawyers including Artem Paoutov, Marcus Berghouse and Jenny Han.
Reuben said, “We are very pleased to have supported Partners Group in this landmark portfolio transaction. Partners Group are a long-standing client of the firm and our team thoroughly enjoyed working with their real estate team in Sydney and Singapore. The Travelodge portfolio provides an exciting platform for future growth. Australia’s tourism and hospitality sectors stand to benefit from the progressive reopening of the Australian economy and represent an attractive value proposition. We are seeing high levels of activity in these sectors and the firm is well-placed to service our financial investor clients on real estate investment activity in Australia and the APAC region.”
f its clients, in relation to the acquisition of a portfolio of 11 Travelodge hotels in Australia from Mirvac and NRMA for AU$620 million (US$460 million). Partners Group will acquire the portfolio in a joint venture with Singapore sovereign wealth fund GIC and Australian hospitality operator Salter Brothers. Completion of the transaction remains subject to satisfaction of customary conditions precedent.
The acquisition of the Travelodge portfolio is the largest of its kind to transact in Australia and is understood to represent one of the biggest hotel real estate transactions in Asia Pacific this year to date. The Travelodge portfolio is diversified across key metropolitan centres, including Sydney, Melbourne, and Brisbane, and consists of over 2,000 rooms. Acquiring the portfolio will provide an opportunity for Partners Group to capitalise on the long-term relative value of Australia’s hospitality sector and will enable immediate scale in the sector.
Partners Reuben van Werkum and Andrew Crook led the transaction, with a team of lawyers including Artem Paoutov, Marcus Berghouse and Jenny Han.
Reuben said, “We are very pleased to have supported Partners Group in this landmark portfolio transaction. Partners Group are a long-standing client of the firm and our team thoroughly enjoyed working with their real estate team in Sydney and Singapore. The Travelodge portfolio provides an exciting platform for future growth. Australia’s tourism and hospitality sectors stand to benefit from the progressive reopening of the Australian economy and represent an attractive value proposition. We are seeing high levels of activity in these sectors and the firm is well-placed to service our financial investor clients on real estate investment activity in Australia and the APAC region.”
