Host Hotels & Resorts sells Sheraton Santiago and San Cristóbal TowerJanuary 18, 2016, by - LATIN LAWYER
Claro & Cía has helped a subsidiary of Chilean financial services group Larraín Vial buy the owner and lessee of two hotels in Santiago.
Larraín Vial’s hotel investment fund bought Inversiones y Hotelera Host San Cristóbal, the owner of the two properties, and Hotelera Host San Cristóbal, which holds the lease for the Sheraton Santiago and San Cristóbal Tower hotels, both in Chile’s capital. The seller, Host Hotels & Resorts, hired Carey for the US$95 million sale.
Corpbanca supplied a US$230 million loan to the hotel investment fund to finance the acquisition. The loan was also partly used to refinance the fund’s previous acquisition of other hotels in Chile. Corpbanca hired Morales & Besa for the loan agreement. Both hotels are managed by US hotelier Starwoods. The deal was announced in December; closing is subject to Chilean antitrust approval.
Counsel to Fondo de Inversión Inversiones Hoteleras
Claro & Cía
Partner Jorge Martin and associate Andrea Sougarret
Counsel to Host Hotels & Resorts
In-house counsel – David Buckley
Partners Marcos Rios and Lorena Pavic and associates Juan Pablo De La Maza, Camilo Lledó, Fabián Piedra,
Andres Bellagamba and Fernanda Anguita
Counsel to Corpbanca
In-house counsel – Ignacio Herrera
Morales & Besa
Partner Pedro García and associates Antonio Morales, Federico Espinosa and Sofía Duralde