Eversheds Sutherland advises Park Hotels & Resorts in its disinvestment in the Hilton Hotel, Durban

Eversheds Sutherland advises Park Hotels & Resorts in its disinvestment in the Hilton Hotel, Durban
14 Mar 2018

Eversheds Sutherland has advised Park Hotels & Resorts Inc. on its disinvestment in its South African interests. This involved a due diligence process as well as the drafting, negotiation and management of all transactional documentation.

Park Hotels & Resorts is a company listed on the NYSE. Through a subsidiary, it held all the shares in a South African group, which in turn owns the land and buildings comprising the Durban Hilton Hotel. The share sale formed part of a strategic disinvestment by Park Hotels & Resorts in various non-core assets. The transaction comprised a gross purchase price of USD 33.85 million, subject to adjustments and additional recoveries.

The Hilton Hotel will continue to operate as such in terms of an existing branding and management agreement concluded with Hilton International South Africa.

Eversheds Sutherland fielded a cross border team with representation from South Africa and the United States. The Eversheds Sutherland team was led by Andrew Turner and Lauren Kelso, supported by Lara Wills, Heather Marsden, Robyn Downs, Lara Jansen van Rensburg, Carl Meyer and Lisa Rosen (Washington).

Andrew Turner commented:

“We were privileged to deal with a dynamic team from Park Hotels & Resorts, based in McLean, Virginia. It was also a pleasure to have had the opportunity of working with the Washington, D.C. offices of Eversheds Sutherland in this cross-border transaction”.

See also: Eversheds Sutherland advises GuarantCo on re-guarantee facility

(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)
Andrew Turner
Andrew Turner

Andrew Turner is the senior partner at Eversheds Sutherland's corporate practice and is a respected name in legal and commercial circles. He has many years of experience advising on corporate and commercial structuring and on all aspects of M&As. Andrew has been involved in a number of complex high value business transactions with both private and public entities and has enjoyed extensive dealings with local authorities. His recent experience includes advising on sub-Saharan expansion by local businesses. He has also advised local businesses which have become investment targets for foreign companies.

Send a legal query to Andrew Turner
Lauren Kelso
Lauren Kelso

Lauren is a Partner in the Eversheds-Sutherland (KZN) corporate practice, advising primarily on commercial transactions. Lauren has participated in a number of high value mergers and acquisitions, and deals in a variety of commercial agreements. She advises on compliance with the 2008 Companies Act, the Competition Act, the Consumer Protection Act and upcoming Protection of Personal Information Act, and has led the company workshops with clients on new legislation.

Send a legal query to Lauren Kelso
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