K&S advised Shuaa in $133m hotel land deal
Dubai, March 19, 2010
King & Spalding, the leading international law firm, said it had advised the Shuaa Saudi Hospitality Fund I in the purchase of land in Jeddah for a $133 million hotel development.
This was the first-ever land acquisition by a hospitality fund in Saudi Arabia, the company said in a statement.
The fund plans to build a luxury project on the Jeddah Corniche overlooking the Red Sea consisting of a 35-storey hotel tower with 250 rooms and 150 apartments.
The Shuaa Saudi Hospitality Fund I is a Shari'ah-compliant real estate development and hospitality fund managed by Shuaa Capital Saudi Arabia and is authorized by the Saudi Arabian Capital Markets Authority.
The fund has an exclusive arrangement to develop and own Rotana-branded hotels in Saudi Arabia.
The King & Spalding legal team advising on this transaction was led by partner Nabil A. Issa of the firm's Riyadh and Dubai offices, with assistance from Abu Dhabi-based counsel Timothy N. Tucker, Riyadh-based associate Fahad B. AlMalki and Dubai-based associate James R. Stull.
King & Spalding and its affiliated office in Riyadh previously advised Shuaa Capital on the formation of the Shuaa Saudi Hospitality Fund I, the company statement said.-TradeArabia News Service