Firm News

Mishcon de Reya advises new client Moor Park Real Estate on €863 million sale and leaseback of 91 hotels

Release Date:

19 March 2007

Mishcon de Reya has advised client Moor Park Real Estate Partners LLP, Incorporated ("Moor Park Real Estate"), an international real estate investor, on its €863 million cross-border sale and leaseback with Accor, the French-based European hotel group, of 91 hotels in Germany and the Netherlands.  A memorandum of understanding for the transaction was signed on 4 March 2007. 

The deal involves 72 hotels in Germany and 19 hotels in the Netherlands.  The Novotel, Mercure, Ibis and Etap hotels involved in the transaction represent a total of 12,000 rooms.  Accor will continue to operate the hotels under 12-year variable rent leases.  As part of the agreement, a long-term development partnership will be launched between Accor and Moor Park Real Estate. 

Head of Real Estate, Nick Doffman, and Corporate partner Ross Bryson led the Mishcon team advising Moor Park Real Estate. 

Nick Doffman said: "We are delighted to have been involved in this significant deal in the European real estate market on behalf of Moor Park Real Estate.  Mishcon's involvement demonstrates our ability to add value to cross border transactions by using our commercial real estate and corporate expertise to facilitate major multi jurisdictional transactions."

Gary Wilder, Managing Director of Moor Park Real Estate said: "For a long time we have recognised the need for a good all-round corporate and commercial real estate firm that can lead us through complex multi-jurisdictional transactions acting as interface between our own personnel and the law firms that we engage in other jurisdictions. We are delighted with the way Nick Doffman and his team at Mishcon de Reya were able to use their commercial expertise to project manage this major cross border transaction."