London,United Kingdom (May 16, 2005) – LAWFUEL – The Law News Network – An international team of lawyers with global law firm Squire, Sanders & Dempsey L.LP. is representing the multinational consortium LRG Acquisition Limited in its recent billion-pound acquisition of a portfolio owned by Intercontinental Hotels Group.
The European Commission announced Wednesday that the Commission had cleared the US$2 billion transaction in which LRG acquired 73 hotels owned by Intercontinental Hotels Group. The Commission was required to review the transaction because European anti-trust law requires such reviews for deals of this magnitude.
David M. Klein, a partner in Squire Sanders’ global hospitality and real estate practice, said the acquisition agreement between LRG and Intercontinental Hotels Group illustrates the increasing growth and activity in the UK hospitality market. LRG is a consortium of Lehman Brothers Real Estate Partners, GIC Real Estate Pte Ltd., which is controlled by the government of Singapore, and Canadian company Realstar International. Klein led the firm’s international team that includes lawyers in the firm’s offices in Brussels, London, Madrid and Phoenix.
“This acquisition by LRG and retained management by Intercontinental Hotel Group creates a very strong relationship that will bode very well for the continued success and growth of the UK portfolio,” Klein said. He said the acquisition required a complicated structure of agreements ranging from the Portfolio Management Agreement that allows for the hotels to be managed by the current operators to agreements for the 73 individual hotel managements.
Founded in 1890, Squire, Sanders & Dempsey L.L.P. is one of the pre-eminent international law firms with approximately 700 lawyers serving clients throughout the world. The firm’s offices in the Americas are in Cincinnati, Cleveland, Columbus, Houston, Los Angeles, Miami, New York, Palo Alto, Phoenix, Rio de Janeiro, San Francisco, Tampa, Tysons Corner and Washington DC. In Europe, offices are in Bratislava, Brussels, Budapest, London, Madrid, Milan, Moscow, Prague and Warsaw. In Asia, offices are in Beijing, Hong Kong, Shanghai and Tokyo. The firm also has associated offices in Bucharest, Dublin and Kyiv.