Baker & McKenzie Acts for LaSalle Investment Management on Purchase of Sofitel Sydney Wentworth
Deal Announcement
14 July 2010
Sydney, 14 July 2010 – Baker & McKenzie is pleased to announce that it has advised LaSalle Investment Management, acting on behalf of the LaSalle Asia Opportunity Fund III, on its recent purchase of the landmark Sofitel Sydney Wentworth hotel in Phillip Street, Sydney. The hotel was acquired from Tourism Asset Holdings Limited and was the Fund's first acquisition of a hotel in Australia. The purchase price was A$130 million.
Partners Roy Melick and Graeme Dickson led the transaction on behalf of Baker & McKenzie.
Speaking about the transaction, Roy Melick said, "We are delighted that our client was the successful bidder for a highly sought-after Sydney hotel and to have brought this transaction to a successful and on-time completion. The Sofitel Sydney Wentworth is one of Sydney's best known hotels and represents an important investment for our clients. The transaction is a further demonstration of the expertise of Baker & McKenzie's Hotels, Resorts & Tourism Group and our ability to provide specialist advice to our hotel industry clients in Australia and elsewhere in the Asia Pacific region and globally."