Global law firm Clyde & Co acted as international counsel to Spanish hospitality chain RIU Hotels & Resorts (RIU) on its US$56.5 million acquisition of the entire issued share capital in Renco (Zanzibar) Limited, owner of the Diamonds La Gemma Dell'Est and Star of the East luxury resort in Zanzibar.
RIU specialises in holiday resorts and is among the 30 largest hotel chains in the world, with more than 100 hotels in 19 countries. Located on Nungwi Beach, the newly acquired five star hotels are RIU's second property in Zanzibar and will be marketed as part of the RIU Palace brand.
Michael Strain, Corporate Partner at Clyde & Co in Tanzania, comments: "We were delighted to have the opportunity to act for RIU on the acquisition of another luxury resort in Zanzibar. This is one of the largest deals ever to close on Zanzibar and is a clear illustration of the growing appetite for foreign investment opportunities in East Africa."
Elias Gutierrez Rodriguez, Director - Legal at RIU, says: "It was a pleasure to work with Michael and the rest of the team on another deal in Zanzibar. This new acquisition confirms our strategic commitment to the island and the region as a whole. Africa is an important growth area for our organisation and we look forward to continuing our partnership with Clyde & Co as we expand throughout the continent."
The team was led by Michael Strain, with the support of James Pius (Senior Associate) and Amreen Ayub (Associate).
Clyde & Co has the largest fully integrated presence of any international law firm in East Africa. The firm regularly acts as international counsel on M&A deals across the region.
Clyde & Co is one of the largest international law firms operating on the continent, with over 100 professionals based full time in Cape Town, Johannesburg and Dar es Salaam. We have deep rooted market knowledge based on over 20 years' experience, supporting clients operating and investing in emerging markets across Sub-Saharan Africa.