On November 21, 2014, Sunshine Insurance Group completed the acquisition of Sheraton on the Park, Sydney, Australia at AU$463mln and established a long-term strategic partnership with Sheraton Hotels & Resorts Worldwide, Inc., the US-based hotel manager.
The acquisition agreement between Sunshine Insurance Group and Sheraton Hotels & Resorts Worldwide, Inc. was signed on October 10, 2014, with subsequent approval from the government of Australia. With the execution of the acquisition, Sunshine Insurance Group became the first successful acquirer of an offshore hotel in China’s insurance sector.
A team coordinated by Beijing-based senior partner Liu Xinde, who is also chief legal advisor for Sunshine Insurance Group, advised the insurer on PRC law issues related to the acquisition. The team included partner Hong Shaorong, attorneys Xu Jie, Ye Hongpo and Liu Yong.
The team was responsible for reviewing investment agreement, participating in negotiations leading up to the acquisition, reviewing legal documents related to the foreign party and issuing attorney’ opinion letter. The team used their expertise to solve a number of intricate problems in the cross-border transaction efficiently and won recognition from the client.
Sheraton on the Park, Sydney, built in 1992, is a landmark hotel located in Central Business District of Sydney, right opposite to the prestigious Hyde Park. With 557 sets of luxury rooms and suites, Sheraton on the Park is the flagship hotel owned by Sheraton Hotels & Resorts and has been a long-standing premier five-star hotel in Australia and a constant winner of best luxury hotel awards in New South Wales. Due to Australia’s fine weather all the year round, the check-in rate of Sheraton on the Park has remained sound and stable and top-performing among five-star hotels in the world.
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