Ashurst advises Far East Hospitality on first hotel acquisitions in Europe

Ashurst advised Far East Hospitality Holdings Pte Ltd (Far East Hospitality), a subsidiary of Singapore-listed Far East Orchard Limited, on the acquisition of a 50% interest in a portfolio of property companies which own four hotel properties in Europe.

Together with its joint venture partner, Toga Group, Far East Hospitality jointly acquired interests in a portfolio of companies from Toga Accommodation Fund (TAF). In addition, Far East Hospitality purchased a 50% interest in a separate portfolio of companies from Toga Group. The four hotels are located in Berlin, Frankfurt, Copenhagen and Denmark.

Following the transactions, Far East Hospitality now owns and operates a combined portfolio of more than 13,000 rooms under its management across 80 hotels and serviced residences in eight countries - Australia, China, Denmark, Germany, Hungary, Malaysia, New Zealand and Singapore.

Ashurst fielded a multi-disciplinary team across four jurisdictions, led by Frankfurt real estate partner Peter Junghänel and Munich corporate partner, Lars Jessen. Peter and Lars were assisted by associate Adnan Manzoor (Frankfurt, Real Estate), partner Klaus Herkenroth and associate Felix Krüger (both Frankfurt, Tax), associate Julius Heusgen (Munich, Corporate), and counsel Samantha Loh (Singapore, Corporate). Partner Derk Opitz and associate Andreas Mallin advised on financial aspects (both Finance, Frankfurt). The Sydney-based team included partner John Stawyskyj, special counsel Pauline Tan and associate Bethany Du (Sydney, Real Estate), with tax advice being provided by partner Vivian Chang and associate Sophia Kwok (Sydney, Tax). Senior corporate associate with the Ashurst Luxembourg desk, Paul Witte, also advised.

Commenting on the transaction, Ashurst's managing partner in Asia, Matthew Bubb, said:

"We have seen substantial interest from Asian-based investors over the past 12 to 18 months in commercial and hospitality related real estate assets in both Europe and Australia. We are delighted to have advised Far East Hospitality on this significant transaction and to continue to support our Asian clients by being able to offer seamless advice globally as they expand their businesses offshore."