Buddle Findlay is pleased to have acted for Grand Lakes Management Limited, as well over 60 different unit owners, on the recent sale of the Sofitel Queenstown Hotel and Spa to New Zealand Hotel Holdings Asset LP (a special purpose vehicle of Russell Property Group, Lockwood Property Group and the New Zealand Superannuation Fund).
The transaction is the largest hotel sale in New Zealand in 2020/2021.
A unique and challenging transaction, due to the widely held unit title structure of the hotel and the purchaser's desire to acquire a full and undivided interest in the hotel by way of a contemporaneous settlement of close to 100 units. The Buddle Findlay team worked closely with Graham Wilkinson and his team at Grand Lakes Management, as well as the team at Anderson Lloyd who acted for the purchaser.
Daniel Collins, Partner: "It was a colossal effort from all involved. The team at Grand Lakes Management have delivered an amazing outcome for unit holders during a very challenging period for hotel accommodation and Queenstown generally. The team at Anderson Lloyd and Russell Property Group were great to work alongside and brought a solutions based approach to getting the transaction done."
Graham Wilkinson, Grand Lakes Management: "I want to thank the body corporate committee and the broader unit holders for supporting the transaction and helping us get this over the line in trying circumstances. The hotel is in great hands going forward with Russell Property Group".
The Buddle Findlay team was led by Daniel Collins and included Tom Bennett, Ed McGimpsey and Siobhan Reynolds. The team at Anderson Lloyd was led by Anne McLeod and included Tim Lindsay and Fiona Henderson.
