Queensgate’s £1 Billion Acquisition of Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3 and Grange Holborn WC1

Brown Rudnick and EY advised Queensgate. HFF Securities acted as exclusive financial adviser to Grange and Bryan Cave Leighton Paisner acted as legal advisor.

Queensgate Investments has completed the acquisition of the Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3, and Grange Holborn WC1 for circa GBP 1 billion.

The portfolio comprises 1,345 Central London rooms, around 930,000 square feet of real estate. The four upscale hotels have significant meeting and conference space as well as boasting high quality spa and leisure facilities including swimming pools.

The portfolio was sold by Grange Hotels, one of London’s largest privately-held hotel groups which, following the transaction, will own and operate 13 hotels, primarily in Central London.

Queensgate has an agreement with Fattal Hotel Group, a EUR 2 billion hospitality company with 200 hotels across 18 countries, to run the assets. Fattal Group will implement rolling refurbishments of all assets and will pursue a repositioning strategy to drive superior performance and growth, increasing its London portfolio to a total of seven hotels and 2,000 rooms.

Queensgate secured a fully underwritten debt facility from Société Générale, The Carlyle Group and Cheyne Capital Management for the transaction.

The BCLP team advising Grange Hotels was led by Partner and Head of Real Estate Chris de Pury (Picture) and Corporate Partner Adam Bogdanor. They were supported by Partner Laura Wild and Associates Emily Mickle and Caitlin Crawford on the real estate side and Associate Director Mimi Curran on the hotel management agreements. Partner Elizabeth Bradley, Senior Associate Andy West and Associate Alex Makinson also advised on the tax elements of the deal, and Associate Director Georgia Snaith and Associate Anita Soomrova advised on finance. Chandresh Bhatt and Senal Patel at Bishop & Sewell also advised Grange Hotels on certain real estate matters within the transaction.

The Brown Rudnick team was led by Tuvi Keinan, Nick Vasquez and also included Demeter Kovacs, Sayjel Revell and Tracy Fisher.

Involved fees earner: Tracy Fisher – Brown Rudnick; Tuvi Keinan – Brown Rudnick; Demeter Kovacs – Brown Rudnick; Sayjel Revell – Brown Rudnick; Nicholas Vasquez – Brown Rudnick; Adam Bogdanor – Bryan Cave Leighton Paisner; Elizabeth Bradley – Bryan Cave Leighton Paisner; Caitlin Crawford – Bryan Cave Leighton Paisner; Mimi Curran – Bryan Cave Leighton Paisner; Chris de Pury – Bryan Cave Leighton Paisner; Alexander Makinson – Bryan Cave Leighton Paisner; Emily Mickle – Bryan Cave Leighton Paisner; Andy West – Bryan Cave Leighton Paisner; Laura Wild – Bryan Cave Leighton Paisner;

Law Firms: Brown Rudnick; Bryan Cave Leighton Paisner;

Clients: Grange Hotels Ltd; Queensgate Investments;