Baker & McKenzie announced today that it advised Raffles Holdings Limited in its disposal of Browns Hotel, Mayfair, to a company jointly owned by Sir Rocco Forte and his family and The Bank of Scotland. The disposal has a value of £51.5 million (subject to post completion adjustments).
Raffles Holdings Limited’s portfolio includes 38 hotels in 17 countries, including the world famous Raffles Hotel in Singapore. In addition to owning the Raffles brand, the portfolio also incorporates Swissôtels.
The 118 room Browns Hotel is the eighth hotel to be acquired by Sir Rocco Forte’s Group. Browns Hotel was founded in 1837 and was famously the site from which Alexander Graham Bell made the first telephone call and Rudyard Kipling wrote several of his works.
The Baker & McKenzie team in London was led by Hotel, Resorts & Tourism Group Partners Mark Henrick and Stephen Turner and in Singapore by Partners Ai Ai Wong and Andrew Martin.
Commenting on the transaction, Mark Henrick said: “We are delighted to have advised Raffles on this transaction, particularly as it is our first engagement for this client. The London – Singapore connection meant that our respective offices could demonstrate to Raffles our expertise not only in cross-border work but also the hospitality sector.”
Sir Rocco Forte and his family were advised by Withers LLP and The Bank of Scotland was advised by Maclay, Murray & Spens. The Special Purchase Vehicle was advised by Radcliffes LeBrasseur.