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Experience
Client:
Strategic Hotels & Resorts, Inc.
Issue:
In 2012, Strategic Hotels & Resorts sought to reacquire the Essex House Hotel in New York City, which an affiliate had sold to the Dubai Investment Group in 2005.
Challenges: The $362.3 million purchase required Strategic Hotels & Resorts to obtain financing and find a way to fund a portion of the purchase price in cash. The transaction also required the conversion of the hotel from a Jumeirah-branded property to the first JW Marriott-branded property in New York City.
Solution:
Perkins Coie facilitated Strategic Hotels & Resorts’ acquisition financing with a $190 million loan from Bank of America, N.A. and negotiated the formation of a joint venture with subsidiaries of KSL Capital Partners, LLC to fund the balance of the purchase price. The firm also negotiated a 50-year management agreement with Marriott International, Inc. to rebrand the hotel as the JW Marriott Essex House New York.
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