Type: EME Market Commentary, News Releases
Global law firm Reed Smith has advised W. P. Carey on the acquisition of a majority stake in the WYNDHAM Stuttgart Airport Messe hotel by way of a sale-and-lease-back transaction.
Wyndham Stuttgart Airport Messe hotel accommodates 229 spacious guest rooms in the categories standard single and double room, superior room and suites on a property of approx. 15.337 sqm. A restaurant, a lounge bar, a wine cellar, 7 meeting rooms as well as a fitness and wellness area also belong to the hotel. The hotel is situated directly at the trade fair centre and Stuttgart airport.
CPA®:18 – Global, one of W. P. Carey's managed non-traded REITs, acquired the majority stake in the hotel for approximately EUR 30.8 million. The sellers are companies managed by the GCH Hotel Group.
The real estate and corporate advice rendered in connection with the acquisition included in particular the legal due diligence as well as the respective drafts, negotiation and closing of the sale and purchase agreement, a lease agreement, a development management agreement for certain refurbishment and repairs work and a hotel management agreement. The Munich team was led by partners Dr Etienne Richthammer and Dr René Lochmann (both Real Estate/Finance) and included Constantin Conrads (corporate), Dr Sarah Helml, Frederik E. Laux (both real estate) and Rita Novak (corporate).
Again, the Munich team’s hospitality expertise was appreciated.
About Reed Smith
Reed Smith is a global relationship law firm with more than 1,800 lawyers in 26 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute resolution services in multi-jurisdictional and other high-stakes matters; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith is a preeminent advisor to industries including financial services, life sciences, health care, advertising, entertainment and media, shipping and transport, energy and natural resources, real estate, manufacturing and technology, and education. For more information, visit reedsmith.com.
U.S.: Century City, Chicago, Houston, Los Angeles, New York, Philadelphia, Pittsburgh, Princeton, Richmond, San Francisco, Silicon Valley, Tysons, Washington, D.C., Wilmington
Europe: Athens, Frankfurt, London, Munich, Paris
Middle East: Abu Dhabi, Dubai
Asia: Beijing, Hong Kong, Kazakhstan, Shanghai, Singapore