Permanent Court of Arbitration coming to Asia
The Permanent Court of Arbitration is to open its first staffed office in Asia and only its second outside The Hague.
The Singapore office administer PCA hearings held in the city state and the wider Asia region, which has seen a rise in cases to at least 7 in 2017, more than double that of 2015.
“The setting up of the PCA office will further augment Singapore’s position as an international hub for dispute resolution, particularly in the new area of investment dispute resolution. The growing number of PCA cases heard in Singapore is testament to the expertise Singapore offers,” said Ms Indranee Rajah SC, Singapore’s Senior Minister of State, Ministry of Law and Ministry of Finance.
Singapore’s Ministry of Law and the PCA signed a Host Country Agreement this week, which is a step-up from the current 10-year Facility Agreement where cases were administered from The Hague.
The new office will be based at the Maxwell Chambers within the next 6 months and will be housed in the new Maxwell Chambers Suites, due for completion in 2019.
“The new office will take the Singapore-PCA partnership to a new level and will create more opportunities for Singapore lawyers and law firms,” added Ms. Rajah.
Global firm advises on $50m Staywell Hotels deal
A cross-border team from Norton Rose Fulbright
has advised Japan’s Prince Hotels on the $50 million acquisition of a portfolio of Australian hotels owned by Staywell Hospitality Group.
The 18 current, and 12 in-development hotels, including the Park Regis and Leisure Inn brands will become part of a 100% owned subsidiary of Prince Hotels in Australia.
The Norton Rose Fulbright
team spanned Australia, the UK, the UAE, Singapore, China, Thailand, and Indonesia, which reflected the diversity of the location of Staywell Hotel’s assets.
The due diligence was led by Tom Young’s team in Brisbane. Brisbane M&A partner Marshall Bromwich and his team played a key role in the transaction, dealing with the contract and negotiations. Georgina Hey, Sydney intellectual property partner, undertook the due diligence of the complex cross-border intellectual property rights involved in the transaction, while Martin Osborne, Brisbane partner and head of the firm’s employment and labour team in Australia, and Bronwyn Hammond, handled the employment contracts.
Senior leader leaves international firm in Beijing
Larry Sussman, Beijing managing partner and Asia transactions head at O’Melveny & Myers is leaving the firm to join Hogan Lovells
He will join the firm’s Beijing office as a corporate partner after 15 years with O’Melveny including the last 8 as office managing partner.