A team of experts from international law firm Gowling WLG has acted for administrators Sandra Mundy and Tom Russell of James Cowper Kreston on the sale of YOTEL London Clerkenwell, a central London hotel owned by 100 Clerkenwell Limited (in administration) and operated by global hospitality brand YOTEL, to LGIM Real Assets, for £70 million.
YOTEL London Clerkenwell is YOTEL'S first central London hotel and features 212 cabins for guests in addition to a bar and all-day restaurant, two meeting rooms and a 24/7 gym, as well as five residential apartments and approximately 3,000 sq ft of retail space. Recently completed in May 2020 it is expected to attract both corporate and leisure business throughout the year. YOTEL will continue to operate the property following the acquisition by L&G.
Gowling WLG advised on a wide range of specialisms on the deal with experts from the firm's restructuring and insolvency, real estate, corporate, and tax teams supporting the Administrators.
The Gowling WLG team was led by restructuring and insolvency partner Julian Pallett, supported by associate Emily Rust, real estate partner Christine Jackson and paralegal Sumit Bhogal, and Michael Lacey, Of Counsel, on corporate aspects of the transaction. Tax partner Chris Nyland also provided specialist input on tax aspects.
The administrators were also advised on the sale by Knight Frank. L&G was advised on the acquisition by Constantine Real Estate, Gerald Eve and Eversheds Sutherland Limited LLP.
Commenting on the firm's role, Gowling WLG's Julian Pallett said: "It has been a pleasure to work with the administrators on this significant sale for the hotel and leisure sector at a time of unprecedented challenge for the industry – one which also demonstrates the huge confidence that exists for recovery in this sector as lockdown measures are eased over the coming months and the industry returns to healthy competition for both investors and customers."