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Freshfields advises Pandox on its acquisition of The Midland Hotel in Manchester
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising Swedish hotelier Pandox AB (‘Pandox’) on its acquisition of The Midland Hotel, Manchester, in a transaction valued at approximately £115 million.The deal will involve the sale of The Midland’s trade and business assets to Pandox’s hotel operating partner, the Fattal Hotels Group (‘Fattal’), while Pandox will retain the freehold interest in The Midland Hotel property.
Fattal will operate the historic four star hotel through its ‘Leonardo’ Hotels brand under a long-term revenue-based lease agreement.
The transaction was signed on 12 October 2018 and is expected to complete in the fourth quarter of 2018.
This transaction follows on from Pandox’s acquisition and financing of the Jurys Inn hotel portfolio - the biggest European hotel portfolio acquisition in 2017 - and on the subsequent acquisition of the Radisson Blu in Glasgow, due to complete in the fourth quarter of 2018. Freshfields advised Pandox on both deals.
The Freshfields team is led by partners Victoria Hills and Patrick Ko and includes partners Max Lang who is advising on the financing arrangements and Jill Gatehouse who is advising on tax matters.
ENDS
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