Retail Space Subdivision and Sale
Represented Macy’s on the vertical subdivision of their flagship store on State Street in Chicago, and the sale of a portion of the building for renovation and conversion to office space. This work necessitated long negotiations on new covenants, conditions, and restrictions to govern the operations both of Macy’s retail store and, above the retail store, the newly renovated office space.
Refinancing of the Marriott Atlanta Perimeter Hotel
Perkins Coie successfully completed the $57,000,000 refinancing of the Marriott Atlanta Perimeter Hotel, owned by long-time Perkins Coie client Integrated Capital. The hotel is nearing the completion of a nine-month, $14,000,000 renovation which updates the hotel's meeting space, exterior, and all 344 guestrooms. The refinancing, in which Aareal Bank provided funds to pay off an existing loan originated by Emigrant Bank, was accomplished in 28 days, despite the complications arising from an ongoing renovation project.
Optima Refinances "Optima Signature"
In 2015, Perkins Coie client Optima, Inc. embarked on the construction of "Optima Signature." Optima Signature is a 57 story residential community in the Streeterville neighborhood of Chicago. The building is LEED Silver Certified, and contains 1.5 acres of community amenity space across three floors including indoor and outdoor heated swimming pools, cabanas, bars, and fitness center offering a virtual workout studio and steam rooms. On September 28, 2018, Perkins Coie represented Optima, Inc. in the $215,000,000 term loan replacement of the construction financing. Perkins Coie had previously represented Optima, Inc. in the negotiation of the original construction financing.
The Waldorf Astoria, Chicago, IL
Represented Geller Capital Partners, LLC in the acquisition and financing of the Waldorf Astoria, Chicago
Sale of Optima Chicago Center
Represented Optima, Inc. in a $155,000,000 transaction involving the sale of Optima Chicago Center to an affiliate of New York-based Edge Principal Advisors, LLC.
Independent and Assisted Living Facility Development
Represented client in the acquisition of independent living facilities, assisted living facilities, management company, development company and construction company with a transaction value of $2,000,000,000.
Sale of and Reinvestment in Optima Sonoran Village
Represented Optima, Inc. in a $210,395,000 transaction involving the sale of Optima Sonoran Village to an affiliate of Principal Life Insurance Company, the reinvestment by Optima, Inc. in Optima Sonoran Village through a joint venture with an affiliate of Principal Life Insurance Company, and the development by Optima, Inc. on behalf of the joint venture of a multi-family residential project on the last remaining development parcel in Optima Sonoran Village.
Acquisition and Financing of Raleigh Hotel, Miami Beach, FL
Represented The Raleigh Group, LLC in its acquisition and financing of the Raleigh Hotel in Miami Beach.
Conrad, Chicago,IL
Represented Geller Capital Partners LLC in the redevelopment of the Conrad Chicago.
Acquisition, Redevelopment and Joint Venture Formation
Represented Integrated Capital, LLC in the formation of a joint venture for the acquisition and redevelopment of the Springmaid Beach Resort in Myrtle Beach, South Carolina.
Essex House Hotel, New York, NY
Represented Strategic Hotels & Resorts in connection with (1) the acquisition of the Essex House Hotel on Central Park South in New York City; (2) the negotiation of a hotel management agreement with Marriott International, Inc. relating to the conversion of the hotel from a Jumeirah-branded property to the first JW Marriott-branded property in New York City; (3) the formation of a joint venture with subsidiaries of KSL Capital Partners, LLC; and (4) acquisition financing via a $190 million loan from Bank of America, N.A.
Hotel del Coronado, San Diego, CA
Represented Strategic Hotels & Resorts Inc. in acquiring a joint-venture ownership interest in the Hotel del Coronado in San Diego, CA. The property includes the 679-room luxury hotel, a spa and beach club, a 78-room beachfront, luxury condominium-hotel development and a zoned parcel for additional 144-room development. The Hotel del Coronado, a National Historic Landmark located on 28 acres of prime beachfront, is considered to be one of the top ten resorts in the world. Prior representation of Strategic Hotels & Resorts includes the 2011 recapitalization and refinancing of this hotel.
Formation of Hospitality Investment Fund
Represented Integrated Capital, LLC and its affiliates in connection with the private offering of up to $200 million of the limited partner interests in IC Hospitality Fund II, L.P.
The Fairmont, Dallas, TX
Represented Hotel Equity Fund in the acquisition and financing of the Fairmont Hotel Dallas
The Fairmont, New Orleans, LA
Represented Hotel Equity Fund in the acquisition and financing of the Fairmont Hotel New Orleans.
The Fairmont, San Francisco, CA
Represented Hotel Equity Fund in the acquisition and refinancing of the historic Fairmont Hotel San Francisco on Nob Hill.
Four Seasons, Washington, D.C.
Represented Strategic Hotels and Resorts in the acquisition of the Washington, D.C., Four Seasons.
The Fairmont, Chicago, IL
Represented Strategic Hotels and Resorts in the acquisition of the Fairmont Hotel Chicago.
Marriott Atlanta Perimeter Hotel
Represented Integrated Capital, LLC in the acquisition and financing of the Marriott Atlanta Perimeter Hotel.
Hotel Indigo, Miami, FL
Represented Integrated Capital LLC in the acquisition of the Hotel Indigo Miami.
Marriott Hotel, Overland Park, Kansas
Represented Integrated Capital in a $47,000,000 refinancing of the Marriott Overland Park hotel.
The Beach House, a Holiday Inn resort, Hilton Head Island, SC
Represented Integrated Capital, LLC in the disposition of "The Beach House, a Holiday Inn Resort." The property was purchased on Hilton Head Island, South Carolina in July 2011. Integrated Capital undertook a substantial renovation and repositioning, and relaunched the property in 2012. The sale of the Beach House closed in February 2013.
Ritz-Carlton Half Moon Bay, Half Moon Bay, CA
Represented Strategic Hotels and Resorts in the acquisition of the Ritz Carlton Half Moon Bay Resort.
Revolving Credit Facility
Represented Strategic Hotels & Resorts in connection with a $300,000,000 revolving credit facility secured by equity in four luxury hotels.
Bulk Condominium Sale
Represented Optima, Inc. in the bulk sale of almost 200 condominium units, together with a residential management company, to an affiliate of Trilogy Real Estate Group.
