UK: Mayer, Brown, Rowe & Maw LLP Advise The Dorchester Group In A £229 Million Financing To Assist Its Acquisition Of The Hotel Principe Di Savoia
Last Updated: 15 July 2003

Mayer, Brown, Rowe & Maw LLP Advise The Dorchester Group In A £229 Million Financing To Assist Its Acquisition Of The Hotel Principe Di Savoia

The Finance Group at Mayer, Brown, Rowe & Maw LLP acted for a new client, the Dorchester Group in financing its acquisition of the Hotel Principe di Savoia, a trophy hotel in Milan being sold by the Starwood Group. The Royal Bank of Scotland plc provided acquisition finance and other term and revolving facilities totalling £229 million.

The facilities are multi currency and cross collateralised against shares in US, Italian, French and English Group Companies, and US real estate.

The Dorchester Group is a London-based hotel property and management company wholly owned by The Brunei Investment Agency. Notable hotels within the group (in addition to the Dorchester, London) include the Beverley Hills Hotel and the Meurice and Plaza Athenee Hotels in Paris. Ricci Obertelli, Director of operations for the Dorchester Group said 'The Hotel Principe di Savoia is, strategically, a fantastic acquisition for the Group. Milan is a gateway city that has long been high on the Dorchester Group's list of priorities and, when a property as outstanding as this comes on the market, you do not hesitate. It meets our requirements in every way. It's a perfect addition to our small collection of luxury hotels'.

Finance Partner, Simon Pullen led the MBR&M LLP team and was assisted by associate Angus Macdonald. Simon's involvement with the Dorchester Hotel (at his previous firm) goes back to 1984. Sidley & Austin Brown & Wood London (Bob Asher) and Kaye, Scholer, Fierman, Hays & Hendler (Susan Rahm and Mike Sapienza) provided advice on US law with Chiomenti Studio Legale (Vittorio Tadei and Georgio Capelli) advising on Italian Law.

RBS were advised by Addleshaw Goddard (Dave Wilson, Paula Willoughby) and Carnelutti (Paulo Scuardelli).

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