Allens has advised a fund managed by the Mirvac Group and the NRMA on the record $620 million sale of the Travelodge hotel portfolio to fund manager Salter Brothers.
The sale, which is reported to be the biggest hotel real estate transaction in Australian history, includes 11 Travelodge hotels and associated assets.
Commenting on the sale, co-lead Partner Sean Cole said, ‘We’re pleased to have advised Mirvac and the NRMA on this successful competitive sale process which offered bidders the opportunity to bid on a fund-level and/or asset-level transaction structure, through which we were able to leverage Allens leading Funds, M&A and Real Estate cross-practice expertise.’
‘We can congratulate Mirvac and the NRMA on this landmark deal. It represents a vote of confidence for the future of the sector and the economy’, said co-lead Partner Kounny Rattley.
‘We are thrilled to have worked on this market-defining deal alongside our valued clients, Mirvac and the NRMA. The transaction underscores the ongoing strength and appeal of the Australian real estate sector’, added co-lead Partner Tim Chislett.