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<br /> ISSUE 21 | www.dlapiperrealworld.com<br /> REAL ESTATE<br /> GAZETTE<br /> INTERNATIONAL<br /> HOTEL MANAGEMENT<br /> AGREEMENTS—A GLOBAL<br /> APPROACH<br /> FRANCE<br /> CONVERTING AN OFFICE<br /> BUILDING INTO A HOTEL<br /> IN FRANCE—LEGAL<br /> CONSTRAINTS AND<br /> PROCESS<br /> UK<br /> THE RISE OF SERVICED<br /> APARTMENTS—WHERE<br /> CAN THIS GO?<br /> AUSTRALIA<br /> CHANGES IN THE TAX<br /> REGIME APPLICABLE TO<br /> FOREIGN INVESTMENT IN<br /> AUSTRALIAN REAL ESTATE<br /> JAPAN<br /> REAL ESTATE<br /> ACQUISITIONS IN JAPAN<br /> USA<br /> US CONGRESS COULD<br /> ACT TO ENCOURAGE<br /> FOREIGN INVESTMENT<br /> IN US REAL ESTATE AND<br /> INFRASTRUCTURE<br /> FOCUS ON:<br /> HOSPITALITY AND LEISURE<br /> TURNING THE SPOTLIGHT<br /> ON THE HOSPITALITY AND<br /> LEISURE SECTOR IN SOME<br /> OF THE WORLD’S KEY<br /> JURISDICTIONS<br /> 2 | REAL ESTATE GAZETTE<br /> A NOTE FROM<<a title="DLA Piper Real Estate Gazette - Issue 21 page 1" href="http://viewer.zmags.com/publication/fda8f278?page=1"> ISSUE 21 | www.dlapiperrealworld.com REAL E</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 2" href="http://viewer.zmags.com/publication/fda8f278?page=2"> 2 | REAL ESTATE GAZETTE</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 3" href="http://viewer.zmags.com/publication/fda8f278?page=3"> A NOTE FROM THE EDITOR The twenty-fir</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 4" href="http://viewer.zmags.com/publication/fda8f278?page=4"> CONTENTS HOSPITALITY AND LE</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 5" href="http://viewer.zmags.com/publication/fda8f278?page=5"> ISSUE 21, 2015 RUSSIA 48 COMPENSATION FO</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 6" href="http://viewer.zmags.com/publication/fda8f278?page=6"> HOSPITALITY AND LEISURE | INTERNATIONAL </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 7" href="http://viewer.zmags.com/publication/fda8f278?page=7"> HOSPITALITY AND LEISURE | INTERNATIONAL </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 8" href="http://viewer.zmags.com/publication/fda8f278?page=8"> HOSPITALITY AND LEISURE | INTERNATIONAL BELGIUM D</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 9" href="http://viewer.zmags.com/publication/fda8f278?page=9"> HOSPITALITY AND LEISURE | INTERNATIONAL What perc</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 10" href="http://viewer.zmags.com/publication/fda8f278?page=10"> HOSPITALITY AND LEISURE | INTERNATIONAL GERMANY D</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 11" href="http://viewer.zmags.com/publication/fda8f278?page=11"> HOSPITALITY AND LEISURE | INTERNATIONAL HUNGARY D</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 12" href="http://viewer.zmags.com/publication/fda8f278?page=12"> HOSPITALITY AND LEISURE | INTERNATIONAL What perc</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 13" href="http://viewer.zmags.com/publication/fda8f278?page=13"> HOSPITALITY AND LEISURE | INTERNATIONAL Is an ope</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 14" href="http://viewer.zmags.com/publication/fda8f278?page=14"> HOSPITALITY AND LEISURE | INTERNATIONAL POLAND Do</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 15" href="http://viewer.zmags.com/publication/fda8f278?page=15"> HOSPITALITY AND LEISURE | INTERNATIONAL ROMANIA D</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 16" href="http://viewer.zmags.com/publication/fda8f278?page=16"> HOSPITALITY AND LEISURE | INTERNATIONAL RUSSIA Do</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 17" href="http://viewer.zmags.com/publication/fda8f278?page=17"> HOSPITALITY AND LEISURE | INTERNATIONAL SPAIN Do </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 18" href="http://viewer.zmags.com/publication/fda8f278?page=18"> HOSPITALITY AND LEISURE | INTERNATIONAL UNITED AR</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 19" href="http://viewer.zmags.com/publication/fda8f278?page=19"> HOSPITALITY AND LEISURE | INTERNATIONAL UNITED KI</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 20" href="http://viewer.zmags.com/publication/fda8f278?page=20"> HOSPITALITY AND LEISURE | DENMARK IMPACT OF</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 21" href="http://viewer.zmags.com/publication/fda8f278?page=21"> HOSPITALITY AND LEISURE | DENMARK “ An amendment</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 22" href="http://viewer.zmags.com/publication/fda8f278?page=22"> HOSPITALITY AND LEISURE | DENMARK b</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 23" href="http://viewer.zmags.com/publication/fda8f278?page=23"> HOSPITALITY AND LEISURE | DENMARK I</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 24" href="http://viewer.zmags.com/publication/fda8f278?page=24"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 25" href="http://viewer.zmags.com/publication/fda8f278?page=25"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 26" href="http://viewer.zmags.com/publication/fda8f278?page=26"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 27" href="http://viewer.zmags.com/publication/fda8f278?page=27"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 28" href="http://viewer.zmags.com/publication/fda8f278?page=28"> HOSPITALITY AND LEISURE | FRANCE CONVERTING A</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 29" href="http://viewer.zmags.com/publication/fda8f278?page=29"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 30" href="http://viewer.zmags.com/publication/fda8f278?page=30"> HOSPITALITY AND LEISURE | FRANCE “ Several sets</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 31" href="http://viewer.zmags.com/publication/fda8f278?page=31"> HOSPITALITY AND LEISURE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 32" href="http://viewer.zmags.com/publication/fda8f278?page=32"> HOSPITALITY AND LEISURE | GERMANY THE GERMA</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 33" href="http://viewer.zmags.com/publication/fda8f278?page=33"> is fixed and calculated per room. What is also cu</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 34" href="http://viewer.zmags.com/publication/fda8f278?page=34"> HOSPITALITY AND LEISURE | GERMANY </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 35" href="http://viewer.zmags.com/publication/fda8f278?page=35"> HOSPITALITY AND LEISURE | GERMANY “ It is unlik</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 36" href="http://viewer.zmags.com/publication/fda8f278?page=36"> HOSPITALITY AND LEISURE | MIDDLE EAST THE RISE OF</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 37" href="http://viewer.zmags.com/publication/fda8f278?page=37"> HOSPITALITY AND LEISURE | MIDDLE EAST “ Land owne</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 38" href="http://viewer.zmags.com/publication/fda8f278?page=38"> HOSPITALITY AND LEISURE | MIDDLE EAST </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 39" href="http://viewer.zmags.com/publication/fda8f278?page=39"> HOSPITALITY AND LEISURE | MIDDLE EAST “ The only</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 40" href="http://viewer.zmags.com/publication/fda8f278?page=40"> HOSPITALITY AND LEISURE | PORTUGAL INTERNATIONAL</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 41" href="http://viewer.zmags.com/publication/fda8f278?page=41"> HOSPITALITY AND LEISURE | PORTUGAL developme</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 42" href="http://viewer.zmags.com/publication/fda8f278?page=42"> HOSPITALITY AND LEISURE | PORTUGAL “ A particul</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 43" href="http://viewer.zmags.com/publication/fda8f278?page=43"> HOSPITALITY AND LEISURE | PORTUGAL </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 44" href="http://viewer.zmags.com/publication/fda8f278?page=44"> HOSPITALITY AND LEISURE | ROMANIA FIRE SAFETY IN </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 45" href="http://viewer.zmags.com/publication/fda8f278?page=45"> HOSPITALITY AND LEISURE | ROMANIA </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 46" href="http://viewer.zmags.com/publication/fda8f278?page=46"> HOSPITALITY AND LEISURE | ROMANIA of ope</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 47" href="http://viewer.zmags.com/publication/fda8f278?page=47"> HOSPITALITY AND LEISURE | ROMANIA techni</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 48" href="http://viewer.zmags.com/publication/fda8f278?page=48"> HOSPITALITY AND LEISURE | RUSSIA COMPENSATION FO</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 49" href="http://viewer.zmags.com/publication/fda8f278?page=49"> HOSPITALITY AND LEISURE | RUSSIA “ On 1 June 201</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 50" href="http://viewer.zmags.com/publication/fda8f278?page=50"> HOSPITALITY AND LEISURE | RUSSIA “ Parties ma</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 51" href="http://viewer.zmags.com/publication/fda8f278?page=51"> HOSPITALITY AND LEISURE | RUSSIA c</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 52" href="http://viewer.zmags.com/publication/fda8f278?page=52"> HOSPITALITY AND LEISURE | SPAIN THE EVOLUTION OF</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 53" href="http://viewer.zmags.com/publication/fda8f278?page=53"> HOSPITALITY AND LEISURE | SPAIN “ Spain remains </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 54" href="http://viewer.zmags.com/publication/fda8f278?page=54"> HOSPITALITY AND LEISURE | SPAIN </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 55" href="http://viewer.zmags.com/publication/fda8f278?page=55"> complete combination of both forms of agreement t</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 56" href="http://viewer.zmags.com/publication/fda8f278?page=56"> HOSPITALITY AND LEISURE | UK THE RISE OF SERVICE</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 57" href="http://viewer.zmags.com/publication/fda8f278?page=57"> HOSPITALITY AND LEISURE | UK “ Serviced apartmen</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 58" href="http://viewer.zmags.com/publication/fda8f278?page=58"> HOSPITALITY AND LEISURE | UK “ Many instit</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 59" href="http://viewer.zmags.com/publication/fda8f278?page=59"> asset light, tending to adopt the management or f</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 60" href="http://viewer.zmags.com/publication/fda8f278?page=60"> GENERAL REAL ESTATE | AUSTRALIA CHANGES IN THE TA</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 61" href="http://viewer.zmags.com/publication/fda8f278?page=61"> GENERAL REAL ESTATE | AUSTRALIA </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 62" href="http://viewer.zmags.com/publication/fda8f278?page=62"> GENERAL REAL ESTATE | AUSTRALIA </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 63" href="http://viewer.zmags.com/publication/fda8f278?page=63"> may be lawfully used as a place of reside</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 64" href="http://viewer.zmags.com/publication/fda8f278?page=64"> GENERAL REAL ESTATE | JAPAN REAL ESTATE ACQUI</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 65" href="http://viewer.zmags.com/publication/fda8f278?page=65"> Tax When the offshore acquisition entity or inves</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 66" href="http://viewer.zmags.com/publication/fda8f278?page=66"> GENERAL REAL ESTATE | JAPAN </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 67" href="http://viewer.zmags.com/publication/fda8f278?page=67"> GENERAL REAL ESTATE | JAPAN “ There are a number </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 68" href="http://viewer.zmags.com/publication/fda8f278?page=68"> GENERAL REAL ESTATE | JAPAN one director (to</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 69" href="http://viewer.zmags.com/publication/fda8f278?page=69"> amount is based on income determined in accor</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 70" href="http://viewer.zmags.com/publication/fda8f278?page=70"> GENERAL REAL ESTATE | JAPAN the corporate af</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 71" href="http://viewer.zmags.com/publication/fda8f278?page=71"> or fall within a permitted exemption. One excepti</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 72" href="http://viewer.zmags.com/publication/fda8f278?page=72"> GENERAL REAL ESTATE | POLAND </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 73" href="http://viewer.zmags.com/publication/fda8f278?page=73"> Liability for soil contamination caused after 30 </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 74" href="http://viewer.zmags.com/publication/fda8f278?page=74"> GENERAL REAL ESTATE | POLAND authority issui</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 75" href="http://viewer.zmags.com/publication/fda8f278?page=75"> “the polluter pays” applies, but for environmenta</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 76" href="http://viewer.zmags.com/publication/fda8f278?page=76"> GENERAL REAL ESTATE | USA US CONGRESS COU</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 77" href="http://viewer.zmags.com/publication/fda8f278?page=77"> GENERAL REAL ESTATE | USA “ The proposal to </a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 78" href="http://viewer.zmags.com/publication/fda8f278?page=78"> GENERAL REAL ESTATE | USA “ President Obama supp</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 79" href="http://viewer.zmags.com/publication/fda8f278?page=79"> legislation this year. Paul Ryan, Chairman of the</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 80" href="http://viewer.zmags.com/publication/fda8f278?page=80"> INTERNATIONAL HOTEL MANAGEMENT AGREEMENTS—A GLOBA</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 81" href="http://viewer.zmags.com/publication/fda8f278?page=81"> ISSUE 21 KEY CONTACTS EMEA Olaf Schmidt Co-chair,</a> <a title="DLA Piper Real Estate Gazette - Issue 21 page 82" href="http://viewer.zmags.com/publication/fda8f278?page=82"> www.dlapiperrealworld.com</a>