Baker McKenzie has acted for AccorInvest on its sale of a portfolio of 17 Ibis hotels to Iris Capital in what is Australia's largest hotel deal of 2020.
The Baker McKenzie team was led by Steven Glanz and Lawrence Mendes (Corporate Markets and M&A) along with Bruce Webb, Michael Diston, Rebecca Tan (Real Estate), John Walker, Janet Cho, Joanna Kuok and Peter McMahon (Tax).
"We were delighted to work with AccorInvest to achieve a successful outcome on this significant transaction," said Mr. Glanz.
Baker McKenzie advised AccorInvest on structuring of the competitive sale process for the portfolio including by assisting with bidder engagement and preparation and negotiation of the transaction documents.
"Although this is a hotels-specific transaction, we see deals such as this as representative of a general trend toward M&A activity increasing after the initial uncertainty arising from the Covid-19 pandemic earlier this year" said Mr. Mendes.