Matters

FIT Investment Corporation – Manhattan Building Acquisition and Hotel Development

Represented FIT Investment Corporation in connection with the zoning analysis and acquisition of 45 East 33rd Street in New York City, and its redevelopment of the building into a 93,000-sq.-ft. hotel.

New World Realty Advisors – Golf Club Ownership Transfer

Represented New World Realty Advisors, a premier real estate advisory firm, in connection with transferring golf club operations to a not-for-profit organization.

Legends Hospitality – Senior Secured Credit Facility

Represented Legends Hospitality in a $225 million senior secured credit facility, consisting of a $40 million term loan, a $35 million term, and a $150 million revolving credit facility. The proceeds were used to refinance existing debt and will be used for the construction and build-out of the observation deck at the new World Trade Center in New York.

Hospitality Group – Building Violation Hearings

Represented a hospitality client in building violation hearings before the Environmental Control Board, a division of the New York City Office of Administrative Trial and Hearings.

Traders Co. Affiliate – Manhattan Courtyard Marriott Refinancing

Represented an affiliate of Traders Co. in the refinancing of a 273-room Courtyard Marriott from ING Life Insurance and Annuity Company.

M&T Bank – $67 Million Manhattan Hotel Construction Loan

Represented M&T Bank in a $67 million acquisition and construction loan for the development of a 248-key Hilton Garden Inn at 6-10 Water Street.

Lender – Times Square Hotel Enforcement Action

Represented the lender of a $65 million loan to fund the acquisition of a Times Square area hotel following the alleged breach of a provision in the loan agreement requiring that a restaurant tenant servicing the hotel be opened to the public by a specific date. This litigation was ultimately settled favorably after hard fought litigation.

Legends Hospitality – One World Trade Center Observatory

Represented Legends Hospitality in the development and operation of the observation deck at the top of One World Trade Center.

Real Estate Investment Manager – $57.5 Million New Jersey Hotel Financings

Represented a prominent real estate investment management firm on two senior mortgage loan financings aggregating $57.5 million, and secured by full service hotels in East Rutherford and Edison, New Jersey, including issues attendant to the implementation of a multi-million dollar property improvement plan.

Toll Brothers – Joint Venture Development of Brooklyn Bridge Park

Advised Toll Brothers City Living, the urban development division of Toll Brothers, Inc. (NYSE: TOL), in its joint venture with Starwood Capital Group to develop a 550,000-sq.-ft. luxury hotel and residential complex at Brooklyn Bridge Park.

PCCP Capital – $65 Million Mortgage Financing for Luxury Hotel

Represented PCCP Capital, a real estate private equity firm in the origination of a $65 million loan used for the acquisition and repositioning of Cassa Hotel, a 165-room luxury hotel property in New York City.

Hersha Hospitality Trust – $104 Million Union Square Hotel Acquisition

Represented Hersha Hospitality Trust in connection with its $104 million purchase of the Hyatt Union Square Hotel.

Lender and Special Servicer – $126 Million Mortgage on Miami’s Shore Club Hotel

Represented the lender and mortgage servicer in litigation against a hotel developer filed in Nassau County Supreme Court and in the Appellate Division, Second Department. The underlying dispute involved an action filed by our clients in Florida seeking to foreclose the $126 million mortgage on the Shore Club Hotel in Miami, and the hotel developer's ultimately unsuccessful attempts to derail that action. Having slipped a purchase option into a hotel tenant's lease, which purported to convey to the tenant a right to purchase the mortgage loan at fair market value, the developer then "purchased" the option from the tenant and sought to enforce that option in the Florida foreclosure action. On the eve of an expected adverse ruling in Florida, the developer brought its claim to Nassau County, where the trial court granted a preliminary injunction, effectively preventing our clients from foreclosing the mortgage. We filed an appeal and obtained a reversal, resulting in the dismissal of the Nassau County action. Leave to appeal was denied by New York's Court of Appeals.

NFL Player – Rolling Stone Restaurant Joint Venture

Represented SFF Investments LLC, which is wholly owned by a current All-Pro NFL player, in a joint venture to create a Rolling Stone-branded restaurant and bar in Hollywood, CA.

Legends Hospitality – Senior Secured Credit Facility

Represented Legends Hospitality, LLC and Legends Premium Sales, LLC in connection with their senior secured credit facility consisting of a term loan and a revolving credit facility with a letter of credit and swing line subfacilities. Legends Hospitality provides sports and entertainment venues with food, beverage, merchandise and other hospitality services.

Small Hotel Owners Association – Regulatory and Legislative Advice

Representation of the Small Hotel Owners Association in its dealing with the New York City government. We counsel the association and its members on how to respond to the city's efforts to regulate the industry. We negotiate legislation and zoning changes and advance the industry's interests before the relevant city agencies and elected officials.

Legends Hospitality – Joint Venture Formation

Represented Legends Hospitality LLC - a joint venture among the Yankees, Dallas Cowboys and two private equity firms—in setting up business operations (which include running concession services at stadiums, arenas and other large venues), obtaining necessary permits and authorizations in New York, New Jersey, Pennsylvania, Texas and Florida, and protecting the company's intellectual property rights.

Real Estate Developer – Hotel Management Agreements

Represented a real estate developer in negotiating hotel management agreements with respect to two properties on Fifth Avenue in Manhattan.

Real Estate Investor – Utah Resort Acquisition

Represented a principal of a joint venture in the venture’s acquisition, from another of its principals, of a resort condominium in Deer Valley, Utah. In connection with the acquisition and future development of the resort, the joint venture also obtained up to $212 million in construction financing.

U.S. Investment Bank – $156 Million Hotel Construction Financing

Represented a major U.S. investment bank in a $156 million senior construction financing of a hotel condominium resort in Telluride, Colorado.

Empire Resorts Acquisition

Represented Concord Associates, L.P. in its announced merger agreement and subsequent termination with Empire Resorts, Inc. involving the issuance of approximately 40% of the outstanding common stock of NASDAQ-listed Empire Resorts, Inc., in exchange for real property on the site of the Grossinger's Hotel and the Concord Hotel in the Catskill mountain region of New York.

FIT Investment Corporation – Manhattan Office Building Acquisition and Hotel Development

Represented FIT Investment Corporation in connection with the zoning analysis and acquisition of 45 East 33rd Street in New York City for a hotel development.

Private Equity Fund – Branded Hotel Acquisition

Represented a private equity fund in the acquisition of a hotel in Houston, Texas.

East Village Hotel Developer – Access Dispute with Adjacent Property Owner Favorably Resolved

Represented the developer of a 280-room hotel in Manhattan’s East Village as plaintiff in litigation with the owner of an adjacent property who had initially refused to grant critical access required to construct safety equipment and demolish a masonry structure that projected onto our client’s property.  Threatened with carrying costs of over $500,000 for every month that the project was delayed as well as the prospect that the delay would interfere with the successful negotiations and cooperation achieved with the remaining adjacent landowners, our client sought a court order granting a license to access the defendant’s property.  This dispute was resolved quickly under an amicable settlement which granted our client access to the adjacent property allowing construction to proceed.

River Rock Associates – Mezz Construction Loan and Mortgage for Mixed Use Hotel, Restaurant, Residential – Queens, NY

Represented an affiliate of River Rock Associates LLC in connection with a mezzanine construction loan and second mortgage loan for the development of a mixed use hotel, restaurant, apartment and retail condominium located in Queens, New York.

Hospitality Group – Building Violations

Advise client on matters concerning building violations before the NYC Environmental Control Board and the NTC Criminal Court.

Traders Co. Affiliate – Construction Financing and Joint Venture for Midtown Hotel

Represented an affiliate of Traders Co. in the construction financing and joint venture with equity partner for a hotel located in Midtown Manhattan with Bank of Nova Scotia.

David Reis – Utah St. Regis Hotel Refinancing and Expansion

Represented the owner, an entity controlled by real estate developer David Reis, in connection with the refinancing and development of Phase II of the St. Regis Resort located in Deer Valley, Utah. The St. Regis Deer Valley is a AAA Five Diamond ski on/ski off resort that consists of condominium hotel rooms, suites and private residences.

Pro Football Hall of Fame Village – McKinley Grand Hotel

Represented the Hall of Fame Village in the acquisition of the McKinley Grand Hotel in Canton, Ohio. This is part of the efforts to modernize and update the entire Football Hall of Fame complex.

KABR Group – Canopy by Hilton Jersey City

Represented the KABR Group in connection with its participation in the development of the Canopy by Hilton Jersey City in downtown Jersey City, New Jersey.

Hyatt Place Flushing – $32 Million Mortgage Loan

Represented a major New York City developer in connection with a $32 million mortgage loan for the Hyatt Place Flushing/LaGuardia Airport hotel.

Israeli Pension Fund Manager – Syndicated Loan

Represented an Israeli pension fund manager in connection with its acquisition of a 50% interest as co-lender with a major international bank in a $81.9 million syndicated loan secured by a hotel located in downtown Washington DC.

NYLO Boutique Hotels – Financings & Operations

Represented the owners of NYLO boutique hotels in connection with financing, operations and addition to the Tapestry Collection by Hilton.

Fotografiska Park Avenue Flagship

Represent Fotografiska, a Swedish photography destination, in connection with establishing its NYC flagship location at 281 Park Avenue South, New York.

Three Wall Capital – New Jersey Hotel Acquisition

Represented Three Wall Capital in the purchase of the ground lease interest in a hotel and restaurant in Secaucus, New Jersey, as well as the related financing and the negotiation of new hotel franchise license and management agreements.

St. Maartin Property Development and Sale

Represented a private investment management company and its joint venture partners in their development and disposition of property in St. Maartin, Netherlands Antilles, to hotel and residential developers, including a complex ground lease structure.

Hotel Developer – Construction Litigation

Represented New York City Hotel developer in construction litigation against general contractor.

R Squared – Construction Loan for Historic Canoe Place Inn – Westhampton, NY

Represented an affiliate of R Squared LLC in a construction loan for the renovation of the historic Canoe Place Inn on the Shinnecock Canal in Westhampton, NY.  The Inn, originally built in the early 1700s, was used as a stagecoach inn and also served as headquarters for British soldiers during the Revolutionary War. The renovated structure will include a new 25-room inn, a 1,900-sq.-ft. clubhouse and a 300-seat catering hall.

New Yorker Hotel – Mortgage Loan

Represented the not-for-profit owner of the New Yorker Hotel in connection with a mortgage loan, including seeking Court and New York State Attorney General approval of same.

G4 Capital Partners – 88 Wall Street

Represented G4 Capital Partners in the zoning due diligence for 88 Wall Street where the current office building is being converted to a 98,000-sq.-ft. hotel and restaurant.  

Atalaya Capital Management – $15 Million Mezz Loan for NJ Boutique Hotel

Represented Atalaya Capital Management LP in connection with a $15 million mezzanine construction loan to an affiliate of Kushner Companies for the development of the Pier Hotel, a 67-key boutique beachfront hotel and spa in Long Branch, NJ.

Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort

Represented Centennial Bank an upsize of an existing loan to Extell Development Company for a total aggregate loan amount of $43.6 million for certain pre-development costs incurred by Extell in developing its 2,500+ acre Deer Valley, Utah property as a hotel/condominium/ski resort.

HSA-UWC/New York Hotel Mgmt Co. – $110 Million New Yorker Hotel Financing

Represented HSA-UWC and New Yorker Hotel Management Co. Inc. in a $110 million financing for 481 8th Avenue, a mixed-use project consisting of the iconic New Yorker Hotel, office and retail.

Legends Hospitality – Willis Tower Observation Deck

Represented Legends Hospitality in the provision of design, construction development and management services for the observation deck and other attractions at Willis Tower in Chicago.

Legends Hospitality – Miami SkyRise

Represented Legends Hospitality in a joint venture regarding the Miami SkyRise project consisting of an entertainment and observation tower overlooking Biscayne Bay in Miami. Legends is providing consulting, management and hospitality services with respect to the development and operation of the project and will operate the concession once opened.

Real Estate Hotel Owner – $70 Million Sale of the Milburn Hotel

Represented the seller of the Milburn Hotel in a $70 million transaction lasting over a year with complicated issuers with multiple buyers. In addition to the real estate transaction, this sale involved complex tax structuring and defeasance issues.

Real Estate Investment Firm – Development of Hotel Branding and Operations Systems

Represented a real estate investment firm in the development of proprietary branding and operations systems for a unique hotel concept involving collaborative work spaces.

The Lightstone Group – BSA Approval for Landmark Building Conversion

Represented The Lightstone Group in obtaining New York City Board of Standards and Appeals approval for a proposed alteration of a landmark, Garment District office building into a hotel.