Thai client purchases Surfers Paradise Marriott Resort and Spa
Sydney, Brisbane, Australia, 23 May 2016 – Baker & McKenzie acted for a Thai private client in the successful purchase of the Surfers Paradise Marriott Resort and Spa. The vendor, Marriott Vacations, a timeshare operator, retained one third of the hotel for time share use as well as occupying a number of the public areas for timeshare sales operations.
Lead partner on the deal, Graeme Dickson commented: "This transaction in many respects was one of the most complicated I have ever worked on. It ultimately involved business and land sale agreements acquiring our client’s two thirds interest and highly complex joint venture agreements involving our client, the vendor, Marriott International (the operator of the hotel) and the domestic and foreign based timeshare schemes to whom the vendor was intending to sell its remaining interest in the building."
When asked about the deal's complexity Graeme remarked: "Many aspects of the transaction were novel including our FIRB application under the new regime in respect of purportedly "vacant" river bed land, the GST going concern exemption, the volumetric subdivision of the timeshare lot to allow for potential fractured sell down, the liquor licence application and financing arrangements." This deal represented an excellent opportunity for the developing Brisbane property team to collaborate with the firm's established Sydney offering.
Baker & McKenzie was named "Best for Legal Services – Global" (seventh year in a row) by Euromoney Real Estate Awards and the world's strongest law firm brand for the sixth consecutive year in the Acritas’ Global Elite Law Firm Brand Index.