CMS advises on acquisition and financing of eight hotels
Lawyers from CMS’s office in Sheffield advised easyHotel on its acquisition and financing of eight franchised Benelux hotels from real estate and private equity fund manager Crossroads Real Estate for €145m/£126.7m.
The acquisition is part of easyHotel’s European growth drive – unveiled in December 2021 – and is fully supported by easyHotel’s majority shareholders ICAMAP and Ivanhoé Cambridge.
The international chain of hotels, founded in 2004, aims to offer affordable travel to all.
This latest acquisition of three hotels in Amsterdam, two in The Hague, and properties in Rotterdam, Maastricht and Brussels offers a further 793 rooms to easyHotel’s growing European capacity.
It is also designed to demonstrate the company’s commitment to developing its presence in Europe through growth and acquisition.
CMS corporate partner Gareth Saynor, who led the transaction, said: “This is a period of significant change in the hotels sector, and we are proud to be at the forefront of advising hotels clients as they confront significant market challenges.
“Our lead role in this deal further demonstrates CMS’s ability to advise on major international transactions from our offices in Sheffield and Manchester.”
easyHotel head of legal, Nichola Buchanan, added: “This is a fantastic milestone for the easyHotel group as we continue with our growth strategy.
“CMS have been a great support throughout this complex cross jurisdictional project, and it has been a pleasure to have them by our side.”
The multidisciplinary, cross-border CMS team led by Saynor also comprised James Crossman and James Clarke (Corporate); Josie Hearnden, Oliver Ellington, Paradis McCall and Sian Moore (Finance) and was supported by lawyers from the firm’s Spanish offices.
