International law firm Pinsent Masons has advised AIM-listed Redefine International plc (Redefine) on the acquisition of the Crowne Plaza hotel, Reading.
Redefine Hotels (Reading) Limited, a wholly owned subsidiary of Redefine International, has exchanged contracts with Pedersen (UK) Limited (in Administration) to acquire the business and assets for cash consideration of £12.75 million (approx. €14.5 million). It is anticipated that the transaction will complete on June 1, 2011.
The Pinsent Masons team advising on the deal was led by corporate partner Howard Gill and corporate solicitor Amie Norris.
Commenting on the deal, Howard Gill said, "We are delighted to continue to advise our long-standing client, following on from the announcement of the recent merger with fully-listed Wichford P.L.C and the £106-million acquisition of a hotel portfolio in November last year. The acquisition of Crowne Plaza, Reading complements Redefine's hotel group and further entrenches its relationship with hotel franchisor Intercontinental Hotels Group."
Helder Pereira of Redefine commented, "Once again the Pinsent Masons team has been fantastic. Their knowledge of the hotel sector is excellent and enables them to deliver tailored advice to us every time as we build our hotel property portfolio."
Source: MJ2 Limited