Global law firm Clyde & Co has advised World of Wonders Real Estate Development on its partnership with US-based luxury hospitality group sbe for the operation of the first SLS Hotel & Residences property in the Middle East.
World of Wonders Real Estate Development is the owner and developer of the hotel project and sbe, owner of the SLS brand, will be the hotel operator. The project will be a 75 storey mixed-use tower, with hotel apartments and residential components, and will become one of the tallest buildings in Dubai. The $550 million development, known as SLS Dubai Hotel & Residences is already more than 60 per cent complete and is set to open in Q3 2020.
Clyde & Co's real estate & hospitality team worked alongside its corporate and intellectual property teams to support World of Wonders Real Estate Development throughout the course of the transaction, including advising on the constitutional documents for the sale of residential units and hotel apartments, the corporate structuring considerations, and the negotiation of hotel management agreements with sbe.
Alexis Waller, Head of Real Estate & Hospitality for the Middle East, comments: "This is certainly a landmark project for Dubai, which continues to attract world-renowned hospitality brands to the region."
Yahya Alkan, CEO of World of Wonders Real Estate Development, comments: "The SLS Dubai Hotel & Residences will bring a whole new concept of luxury and hospitality to Dubai. This partnership is strategically significant for us, and Clyde & Co's knowledge of our business and the region was instrumental in securing a successful agreement with sbe."
The Clyde & Co team was led by Alexis Waller, who was assisted by Sarah Khalifa (Senior Associate – Real Estate), with additional specialist support provided by Phil O'Riordan (Partner – Corporate) and Joycia Young (Partner – Intellectual Property).
Clyde & Co's real estate & hospitality practice offers a fully comprehensive service working with clients across the Middle East region. It has substantial expertise in all sectors of the real estate industry, including the residential, commercial, retail, hospitality and industrial sectors, and advises on real property rights and property investment. The team helps its owner, developer, operator, investor and other clients with due diligence, deal structuring and financing arrangements, property acquisition and sales, leasing, hotel development, operating structures and dispute resolution.
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 40 partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat* in Oman and Riyadh in Saudi Arabia, providing a full-service commercial offering of local specialists in commercial, corporate, dispute resolution, employment, intellectual property, international arbitration, finance & banking, insurance, projects & construction, real estate, regulatory & investigations, and technology.
*Office of Fatma Al Mamari Advocacy and Legal Consultancy Firm, in association with Clyde & Co.