International law firms Trowers & Hamlins, and Thouvenin Rechtsanwälte acted as legal counsel for Twenty14 Holdings with ADB as their Swiss tax counsel.
Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi-based LuLu Group International, has entered into a forward purchase contract with Swiss real estate developer Necron AG for the upcoming IntercityHotel Zurich Airport in Rümlang, Switzerland.
The addition of the IntercityHotel marks Twenty14 Holdings’ entry into mainland Europe and joins a portfolio of $750m worth of luxury property across the UK, the Middle East, and India.
The purpose-built, 260-room, 4-star hotel will be located close to the Rümlang station, A1 motorway and offers fantastic transport links, including access to Zurich International Airport in ten minutes, while the city centre is just 15 minutes away. The property will include meeting and event spaces, a restaurant, an indoor fitness centre, and spa area as well as underground and outdoor parking facilities. The property is scheduled to open in 2020.
The hotel will be operated by Deutsche Hospitality (Steigenberger Hotels AG) under a 20-year lease contract. The design of the property will be based on the new Intercity Hotels Matteo Thun design standards, and keeping in mind business travellers and tourists, the property will feature modern guestrooms and public spaces.
The hotel is the first of many development projects planned by Necron AG in cooperation with Deutsche Hospitality. HVS Hodges Ward Elliott acted as exclusive advisers to Necron.
Trowers & Hamlins advised Twenty14 Holdings on the deal with a team led by Youssef Boulos (picture) with support from Johannes Eisser.
Thouvenin Rechtsanwälte acted as legal counsel with a team led by Arlette Pfister and Stefan Seiler.
Clients: Twenty14 Holdings;