Stephen Nicolas’ practice focuses on corporate and private equity real estate transactions across a broad range of asset classes.

He advises on acquisitions, direct and indirect disposals, joint ventures, restructures, complex lease arrangements, franchise agreements, and hotel and general asset management agreements. He has experience advising both UK-based and international clients operating across a wide variety of jurisdictions, including the U.S.

Stephen joined the firm as a partner in 2025 from another major international law firm.

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Notable Experience (including those prior to joining Cleary)

  • Starwood Capital in various matters, including:

    • The disposal of a portfolio of 14 hotels in the UK to Fonciere des Regions for a purchase price in excess of $1 billion (Hot.E Deal of the Year, 2018).
    • The acquisition of 10 urban industrial parks across the UK, with purchase prices in excess of £200 million.
    • The disposal of 22 regional UK hotels.
    • A joint venture agreement with a Spanish partner in relation to the acquisition of Spanish hotels.

  • AroundTown SA, advising group companies across their UK and European portfolio, including acquisitions, disposals, and ongoing management agreements.

  • Henderson Park and Hines in the sale of the Grand Hyatt Athens for €235 million.

  • • Henderson Park in:

    • The acquisition and rebranding of the Caledonian Hotel in Edinburgh.
    • The e-charging connections for their UK hotel portfolio.
    • The franchising arrangements for Le Meridien Paris.
    • The restructure and refinancing of their UK-wide hotel portfolio.

  • Fora in its flexible workspace partnership with the Selfridges Group in respect 388–396 Oxford Street.

  • LRC UK in numerous matters, including:

    • The acquisition of 30 Hilton/Accor-branded hotels for a purchase price in excess of £730 million.
    • The establishment of its Luxembourg fund structures.
    • The acquisition of in excess of £1 billion of residential property across the UK.

  • Invesco Real Estate in various matters, including:

    • The acquisition of a portfolio of 13 hotels across Germany and the Netherlands for €530 million, part of which was used as the foundation of Invesco’s new open-ended European Hotel Fund.
    • The €415 million disposal of a European hotel portfolio comprising 7 hotel properties (1,744 rooms) to Pandox AB (publ) (Hot.E Deal of the Year 2017).

  • Grand City Properties S.A., advising group companies across their UK and European portfolio, including acquisitions, disposals, and ongoing management agreements.

  • Alpine Grove in the acquisition, restructuring, refinancing, and exit of the Argyll premium serviced platform.

  • The TAC Fund in relation to its investments in the UK and Saudi Arabia.

  • DPK in the acquisition, restructuring, refinancing, and ongoing matters in connection with the Royal Albert Docks development.

  • Yianis Group, advising across the group’s UK hotel portfolio, including branding, franchising, leasing, and management arrangements.

  • Teseo Capital in the acquisition of their London office.

  • Related Fund Management in its first European transaction.

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Pro Bono

  • Leading and coordinating various legal updates as part of a longstanding relationship with Youth Justice Legal Centre.

  • Children and Families Across Borders (CFAB) in relation to the lease for their new office space in Victoria.

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