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”.(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.)