Womble Bond Dickinson (UK) has advised Colorado-based National Corporate Housing (National), a global leader in corporate furnished housing, on its acquisition from administration of the agency business of BridgeStreet Accommodations London Limited, as well as certain assets of BridgeStreet Singapore Pte Limited.
The acquisition of BridgeStreet's Global Business Solutions Agency Business bolsters National's global portfolio and represents its continued expansion in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) markets to meet customer demand for comprehensive international accommodation solutions for business travellers.
A multidisciplinary WBD team advised on the transaction providing expertise in key areas including on corporate, commercial, insolvency, employment and tax issues. The team was led by partners Simon Watts and Sam Dixon, with support from, Jo Martin, Tim Woodward, Ronan Lowney and Darryl Webb. WBD has a strong track record advising National: the company is a longstanding client of WBD in the US and the firm also previously acted for the client on its acquisition of Waterside Apartments Limited, giving National its first base in the UK.
Simon Watts of WBD commented:
"We're thrilled to have advised National on this exciting development for the business. Despite a challenging market for the serviced apartment and corporate housing industries, brought by the global COVID-19 pandemic, National has continued to position itself as a worldwide leader in temporary business housing, by expanding its operations in the EMEA and APAC markets as well as bolstering its portfolio in the US through a range of acquisitions."
"There were complex aspects to this deal due to the insolvency of the target, which meant that the transaction had to be completed in a matter of days, and there were also some logistical hurdles with a number of key players based in different time zones in the US, UK and Singapore. However, our ability to provide a full legal service, our geographical footprint and our understanding of the client and target market meant we were able to provide the best possible outcome for our client."
Dan Mackesey, National's Chief of Staff, added:
"We know that BridgeStreet's and National's service models are highly compatible and we are excited to work with this talented group of professionals so that that guests and clients alike can benefit from the two organizations coming together. We're very grateful to the whole WBD team for its first-rate legal expertise and unwavering commitment to complete the deal in such a tight timescale and despite the pandemic."