Norton Rose Fulbright advises Next Story Group on acquisition of new-build hotel in Melbourne
Global law firm Norton Rose Fulbright has advised Singaporean hospitality company Next Story Group on the acquisition of a newly built hotel in Melbourne's Southbank.
Located at 167 City Road, the 16-storey, 162-room property is completing fit-out and will open as the LinQ Hotel Melbourne Southbank on 1 September this year. The lifestyle and experience-based hotel will be the group's first asset in Australia under its 'upper mid-scale' LinQ brand and will comprise one of the group's three core brands in Melbourne, alongside the Sage Hotel and Next Hotel.
Norton Rose Fulbright's real estate team, led by partner Adrian Jones, advised Next Story Group on negotiations and completion of the sale, together with asset due diligence, all undertaken within a compressed time period. The real estate team also advised on corporate and tax structuring for the group, and advised and negotiated on the existing construction contract.
Norton Rose Fulbright partner Adrian Jones commented:
"We are pleased to have assisted Next Story Group in the next stage of its strategic growth in the Australian market. This strategy led the group to acquire the right property in the right location, the Melbourne Southbank precinct being a vibrant hub that attracts locals and travellers alike."
Adrian led the deal and was supported by partners Greg Reinhardt and Jeremy Wickens; special counsel Luke van Grieken; and associate Jacinta Magazzu.