International law firm Withers is advising leading company SilverNeedle Hospitality Group on a major three hotel lease deal with the Queensland Investment Corporation (QIC), valued at over A$300 million.
Withers were the lead legal advisors for SilverNeedle in the multiple asset transaction with QIC for the lease and management of the properties, which will comprise approximately 770 new hotel guest rooms, spread over three properties:
- QIC's 39 storey mixed-use development at Collins Street in Melbourne VIC, valued at A$550 million – the NEXT Hotel at this property is being reported as comprising 300 rooms;
- QIC's Eastland centre at Melbourne's Ringwood; and
- QIC's Canberra Centre in the ACT.
SilverNeedle is a major hospitality investment, development and management business, based in Singapore, and operating across South Asia and Australia and New Zealand. QIC is an international investment fund, established by the government of Queensland and investing across a wide range of sectors.
Robert Williams, Asia Pacific Head of Withers' Hotels & Hospitality practice, comments: 'These three transactions are major projects for SilverNeedle Hospitality in scaling their business across Asia Pacific, and move the market. We are proud to be the trusted and long term advisor for SilverNeedle in its Asia Pacific growth strategy, and to have worked with them and QIC's team on this leading edge deal involving significant new developments.'
The Withers team was led by Robert, working with senior consultant Chris Greiner and associate Vivian Chen.
Withers has decades of experience of advising on the acquisition, sale and financing of high profile and complex hotel and real estate projects around the world. Current examples outside Asia Pacific include representing State Bank of India on the £300m financing of Hinduja's Old War Office (London) which will be converted into a luxury hotel, the conversion of 27-35 Poultry (London) into a luxury hotel, and representing Thor Equities on the acquisition of the owner of a major retail property on Via della Spiga in Milan.