IWG has advised on Fusion Group’s acquisition of the business and assets of the Ramada Hatfield Hotel. The transaction completed on 3 February 2014.
The business and assets were purchased from Hatfield Hotels Limited, a subsidiary of a Jarvis Hotels group company in administration. KPMG were the appointed administrators.
The purchase price for the business and the assets was £5 million. The transaction was structured as a PropCo/OpCo acquisition, whereby one Fusion entity (“PropCo”) acquired the property and a separate Fusion entity (“OpCo”) purchased the business and remaining assets (other than the property) of the hotel.
IWG’s team, led by Paul Sheeter, advised Fusion Group on the corporate and property aspects of the transaction, as well as the loan funding arrangements for the acquisition. Paul Sheeter advised the PropCo acquisition vehicle on the property purchase and the provision of funding from two private lenders. Ben Manners, assisted by David Grabiner, advised the OpCo acquisition vehicle on the business and asset acquisition.
Lester Hotels advised Fusion Group on the operational aspects of the acquisition (including advising on due diligence) and were appointed as the managers of the hotel business on completion.
Burges Salmon LLP acted for KPMG, the administrators of the sellers’ group. The funders were advised by Gateley LLP and Bracher Rawlins LLP.
Further information on Paul Sheeter, Ben Manners and David Grabiner and the IWG team can be found on the Meet the Team page.