Next Story Group
Partner were engaged by Next Hotel in April 2019 to manage the off market acquisitions of 167 City Road, including managing a short due diligence period, leading legal and commercial negotiations with the vendor and builder and providing strategic input into the ownership structure.
The newly complete 162 room hotel presented unique challenges as it had never opened to the public, had no FF&E and the defect rectification rights under the building contract had not been enforced at the time of sale. Partner successfully stewarded the transaction, oversaw a fast tracked yet thorough due diligence program and negotiated favourable commercial and legal terms for our client. In particular, Partner negotiated appropriate defects rectification, warranties and security from the Builder, secured a 10% discount to the independent valuation of the asset and closed the transaction with the parties’ required timeframe.
The Ink Hotel was since successfully opened by New Story Group in December 2019 with Partner continuing to assist post settlement with assistance on hotel lease arrangements and superintendent functions.