Ashurst has advised Tianlong Ribbon Pty Ltd (Tianlong) as trustee for Tianlong Ribbon Property Unit Trust (as takeout party) on the A$700 million sale of "The Ribbon" hotel site at Darling Harbour. This transaction is one of the first fund through hotel developments in Australia.

Ashurst acted for Tianlong on their first major hotel investment in Australia, being the takeout arrangements for the hotel development project for the new "W" Sydney hotel at Darling Harbour Sydney. The deal involved a complex fund through structure, with Grocon to develop the hotel on land owned by the Sydney Harbour Foreshore Authority (a NSW government entity), with a long term leasehold interest to be granted on completion of the development.

In addition, complex tripartite arrangements between Grocon (as developer), Tianlong (as takeout party), Sydney Harbour Foreshore Authority (as land owner), as well as Starwood (as the hotel operator) were required.

Lead partner on the transaction John Stawyskyj (Real Estate) comments: "This transaction reinforces the rise in hotel and land values, driven by a surge of Asia-Pacific investment in the Australian market. It's an exciting time for hotels, particularly in Sydney as the NSW Government continues to overhaul the Darling Harbour entertainment precinct and the ongoing build at Barangaroo."

John was assisted by senior associate Lindy Randall (Real Estate); with partner Gareth Sage and lawyer Cameron Walsh-Buckley (Construction); and senior associate Paul Zanelli (Banking and Finance).