Paul Hastings Advising Ascendas in Acquisition of Rosedale Hotel Kowloon
(February 14, 2012) - Paul Hastings, a leading global law firm, announced today that it is advising the purchaser, Ascendas Hospitality Holdings Pte Ltd (Ascendas), Asia's leading provider of business space solutions, in the entering of a sale and purchase agreement with a wholly-owned subsidiary of listed hotel developer Rosedale Hotel Holdings Limited for the acquisition of the entire issued share capital of More Star Limited, a company indirectly holding Rosedale Hotel Kowloon. The purchase is for a consideration of approximately HK$1.3 billion. The parties also agreed on terms for another subsidiary of Rosedale Hotel Holdings Limited to lease back the hotel for a period of six years from the date of completion.
Of the purchase consideration, Ascendas will settle 95% thereof by way of payment in cash and the remaining 5% will be settled by way of issue of the Consideration Units. The Consideration Units represent the undivided interest in a stapled group comprising Ascendas Hospitality REIT and Ascendas Hospitality BT to be admitted for trading on the Main Board of the Singapore Exchange Securities Trading Limited.
Paul Hastings is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.