(HWLE) is advising Mantra while King & Wood Mallesons (KWM) is acting for Deague on the deal. Binding agreements for the deal, which are subject to regular closing conditions, were announced last week.
The acquisition involves seven hotels, which are under leasehold and management letting rights, in Adelaide, Brisbane, and Melbourne. Mantra adds the hotels to its portfolio of more than 125 properties in Australia, New Zealand, Hawaii, and Indonesia.
According to HWLE, the Art Series acquisition is part of Mantra’s ongoing plan of selectively securing sizeable acquisitions to expand its group in cultural hubs in Australian capital cities.
HWLE’s team is being led by corporate partner Sam Dwyer, owners’ corporation partner Tim Graham, and special counsel Paul Lewis, who are all in Melbourne.
The HWLE team also includes property partner Frank Xenos, intellectual property and information technology partner Matthew Craven, and property special counsel Matthew Powell in Melbourne. Property partner Damien Foulis in Adelaide and property partner Jonathan East and property special counsel Craig Willey in Brisbane are also part of the team.
KWM partner Simone Menz and senior associate Louise Doyle are acting for Deague.
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Two top firms are advising on Mantra Group Limited’s acquisition of the Art Series Hotel Group from the Deague Group for $52.5m.