In first hotel investment in the UK, Clal Insurance Group completes London Hotels investment
Taylor Wessing has advised Israel’s Clal Insurance Group on its purchase of a 49% stake in two London hotels owned by the Amsterdam based hotel owner and operator, PPHE Hotel Group.
The two hotels are art’otel, Hoxton, which is under construction and valued at £279m, and Park Plaza London Riverbank, valued at £263m.
Taylor Wessing worked on the deal alongside Herzog Fox & Neeman, whose team was led by corporate partner, Asher Sacks. The Taylor Wessing team was led by corporate real estate partner, Mark Rajbenbach and head of real estate, Keith Barnett and was the first major real estate deal to be supported by Nathan Krapivensky, co-head of TW’s Israel group who is based in Tel Aviv.
Partner, and head of real estate, Keith Barnett said “This was a technically difficult deal to deliver across multiple jurisdictions, but we are delighted to have worked again with the Clal team to support their first hotel investment in the UK. The deal demonstrates the trend of increasing investment between Israel and the UK as well as the continuing attraction of the London market for major international investors. The deal played to our market leading capability in the corporate real estate and hotel sectors.”
Idan Golomb, head of real estate at Clal Insurance Group added “The hotel sector experienced considerable disruption due to the pandemic but there remains a robust investment case for the hospitality sector as markets recover. Taylor Wessing’s team of real estate experts took an efficient and commercial approach, providing seamless high-quality service against a demanding deadline to help us get the deal over the line.”
