Clifford Chance Aids Ares in European Hotel Portfolio Recapitalisation
Global law firm Clifford Chance has advised Ares Management Real Estate Secondaries funds on its joint venture with Cedar Capital Partners, recapitalising a European hotel portfolio. The portfolio includes five leading lifestyle hotels in European gateway cities.
Hotel PortfolioReal EstateJoint VentureClifford ChanceAres ManagementReal EstateJan 2, 2026
In line with CBRE research, the significance of the acquisition is highlighted by the current position of hotel real estate as a core asset class for investors in Europe. Tourism demand has continued to increase, marked by steady growth, making these properties highly attractive.
The pan-European, cross-practice team was led by Co-Head of the Real Estate Sector Alis Pay in London, supported by Senior Associates Amye McArthur and Zain Farook, and Associate Madison Hughes. The joint venture team comprised Counsel Sarah Thomas, Senior Associate Melissa Jones, and Associate Daniel Murray. The Finance team was led by Partner Barry O’Shea and included Jessica Lamb and Alice Benson.
Broader teams across the firm included David Saleh, Jemma Dick, Rebecca Pereira, Vadim Romanoff, Kirsten Hunt, and Ross Windell in the Tax team (all in London). Advice from Luxembourg was provided by Saskia Myners, Stefanie Ferring, Sascha Nolte, Frédérique Davister, Fanny Ceballosová, Ramona Willems, Aubry Kocian, and Polina Rogozhina. The Amsterdam team included Liesbeth Buiter, Stephanie Proost, Liselotte Hommels, Herman Steinvoort, and Bahar Sharif. The Milan team included Claudio Cerabolini, Sabrina Maltoni, Paolo Ballerini, and Elia Brustia. The Prague team included Emil Holub, Milan Rákosník, Ondřej Dolenský, and Tereza Řehořová. Other London-based teams included Alastair Windass and Alistair Green in Employment, Claudia Hall advising on Data Protection and Information Technology, and Sean Wood advising on Intellectual Property.
This deal underscores the increasing importance of hotel real estate in Europe, driven by robust tourism demand and the strategic positioning of these assets in key gateway cities. Clifford Chance’s comprehensive and multidisciplinary approach ensured that Ares and Cedar Capital Partners could navigate the complex legal and financial landscape of this significant transaction.
Frequently Asked Questions
What is the significance of this hotel portfolio acquisition?
The acquisition is significant because it highlights the growing importance of hotel real estate as a core asset class for investors in Europe, driven by steady tourism demand and the strategic locations of the properties.
Who led the Clifford Chance team for this transaction?
The Clifford Chance team was led by Alis Pay, Co-Head of the Real Estate Sector, with support from various senior associates and partners across different practice areas.
What does the portfolio consist of?
The portfolio consists of five leading lifestyle hotels located in European gateway cities, which will be owned by Cedar Investment Partners III SCSp, a Cedar-managed fund.
How did CBRE research support the acquisition?
CBRE research highlighted the position of hotel real estate as a core asset class for investors in Europe, emphasizing the steady growth in tourism demand.
What other areas of expertise were involved in the transaction?
The transaction involved expertise from various practice areas, including tax, employment, data protection, information technology, and intellectual property, ensuring a comprehensive approach to the deal.
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