McCarthy Tétrault Helps Bring New Player to Canadian Hotel Market
November 7, 2005
The sale of the Four Seasons Hotel in Toronto, to a unit of Kingdom Hotels International, part of the holdings of Saudi Prince Alwaleed Bin Talal Alsaud, marks that company's first purchase of a Canadian property. The McCarthy Tétrault team served as Canadian counsel to the vendors, Maritz, Wolff & Co., and was led by Godyne Sibay, partner with McCarthy Tétrault’s Real Property and Planning Group.
"The firm did an outstanding job helping the client navigate the complex international tax and corporate planning aspects of this transaction," says W. Iain Scott, Chair and Chief Executive Officer of McCarthy Tétrault. "Once again we were able to pull together a multi-disciplinary team to offer our client first-rate legal advice." Led by Godyne Sibay, the McCarthy Tétrault team included Alexis Wiseman, Iain Morton, Gail Wong, Brian Pel, Dean Palmer and Oliver Borgers who provided advice on real estate, corporate, tax, labour and competition issues.
Toronto’s Four Seasons Hotel in the exclusive Yorkville neighbourhood, was sold by a private real estate fund managed by Maritz, Wolff & Co. for more than $100 million dollars and is likely to be one of the largest single asset real estate transactions in Canada for 2005. This transaction won the ‘Networking Story of the Year’ award and was a finalist for the ‘Deal of the Year’ award given by Commercial Real Estate Women (CREW), a group of 6,000 real estate executives from across North America. Lead counsel for the vendor and the purchaser, both in Canada and the United States, are members of CREW.
Kingdom Hotels is the owner of many renowned hotel properties around the world, including the George V in Paris. The purchase of the Four Seasons Hotel in Toronto marks the entry of Prince Alwaleed into the Canadian market. This deal will have an impact on the commercial real estate market in Canada, and on the hotel and resort industry as a whole.
With offices in all major Canadian financial centres, as well as New York and London, McCarthy Tétrault advises on many of the largest transactions and cases around the world. Authoritative legal directories such as the International Financial Law Review and the Guide to the Leading 500 Lawyers in Canada consistently rank McCarthy Tétrault among the world’s top law firms. The most recent edition of Chambers Global: The World’s Leading Lawyers describes McCarthy Tétrault as "clearly a leader" with "an enviable position in the marketplace." With close to 750 lawyers representing a broad spectrum of practice areas, it’s easy to see why McCarthy Tétrault is Canada’s premier law firm.
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