Hunton & Williams has represented Hersha Hospitality Trust  on the sale of seven New York City hotels worth $571.4 million to a joint venture it set up with China Cindat Capital Management, which turned to Sidley Austin for legal counsel. 

Cindat, backed by investors including China Cinda Asset Management Co. and Taikang Life Insurance, will hold a 70 percent stake in the joint venture, while Hersha will have a 30 percent stake.

A Sidley Austin team led by Joel H. Rothstein represented Cindat. Global Law Office led by partner Lin Huawei advised Cindat on PRC law while Maples acted as the offshore counsel. 

Hunton & Williams LLP lawyers James Seevers Jr. and James Davidson represented Hersha on the joint venture. Rori Malech represented Hersha on the sale and financing, and Patrick E. Mitchell and Kendal A. Sibley advised on the tax aspects of the transaction.

The hotels include the Holiday Inn Express Times Square, the Candlewood Suites Times Square, the Hampton Inn Chelsea and the Holiday Inn Wall Street.

The deal is just another example of the hunger of Chinese investors for foreign hotel assets. It was announced February and closed in May.