Mayer Brown secures €66 million victory for Carey Value Added at High Court
22 May 2013
London - Leading global law firm Mayer Brown's Litigation and Construction teams in London secured a successful judgment in the
High Court for Carey Value Added, S.L. against the claimant, Spanish hotel company group, Grupo Hotelero Urvasco.
The judgment followed a 10-week trial.
The Spanish hotel group brought a claim against Spanish fund Carey Value Added, S.L., which had invested in a project to develop a new hotel on the site of the former Marconi Building at the corner of the Aldwych and the Strand. It claimed that Carey Value Added's withdrawal from the project was a breach of contract which led to receivers being appointed and the site being bought by a rival operator, but the claim was dismissed by Mr Justice Blair. The judge considered a number of defaults under the loan agreement, including whether there had been a material adverse change in the financial condition of companies in the Urvasco group. The Court ordered Grupo Hotelero Urvasco to repay all the sums which had been advanced by Carey.
María Luisa Vara García, Legal Head at Carey Value Added, said: "We worked with Ian McDonald and the Mayer Brown team for more than three years on a complex piece of litigation. We would like to highlight the teamwork, levels of service, the professional skills and the personality of the entire team (both solicitors and barristers), which were instrumental in achieving the very successful outcome."
Ian McDonald, Litigation & Dispute Resolution partner at Mayer Brown, said: "This is a very important result for our client, which follows a hard fought case."
The multi-discipline Mayer Brown team advising on finance and construction law issues was led by Litigation & Dispute Resolution partner, Ian McDonald. The team comprised Litigation & Dispute Resolution partner Ed Sautter, senior associate Mark Stefanini, and associates Salem Mayhew and Jonathan Cohen; and Construction & Engineering partner Sally Davies.
The lawyers in Mayer Brown's Litigation & Disputes practice consistently work on high profile and complex cases. During 2012 the team achieved successful Supreme Court judgments for two substantial matters and recently secured a victory for the Independent Valuer of Northern Rock, Andrew Caldwell, in a Court of Appeal case brought by hedge fund, Harbinger Capital Partners.