Hotels & Hospitality

 
Kenneth D. Arbeeny Of Counsel (212) 660-3048 vCard
Aidan F. Browne Partner (617) 338-2996 vCard
Hugh P. Finnegan Partner (212) 660-3027 vCard
Nancy S. Grodberg Partner (617) 338-2434 vCard
Sharon G. Leifer Counsel (617) 338-2821 vCard
Eric D. Lemont Partner (617) 338-2410 vCard
Louis A. Monti Partner (617) 338-2476 vCard
John M. Steiner Partner (617) 338-2902 vCard
Adam N. Weisenberg Partner (617) 338-2479 vCard

Sullivan & Worcester has great depth of experience representing owners, investors, lenders, managers and others in the hospitality industry. We assist our clients with numerous complex challenges, including mixed-use developments, ground lease transactions, multiple stakeholder arrangements and governance issues. We have particular experience advising hospitality REITs with a wide variety of financing, acquisition and disposition, tax and operational matters.

Representative Client Work

  • A publicly held REIT in the acquisition of a 348-room, full-service hotel located in Chicago, Illinois for approximately $85 million. This Wyndham Grand® branded hotel was added to a management agreement with a subsidiary of Wyndham Worldwide and certain rooms were leased to one of Wyndham's subsidiaries and became a part of Wyndham's vacation club
  • A publicly held REIT in the acquisition of a 372-room, full-service hotel located in San Francisco, California for approximately $120 million. This hotel was leased to a subsidiary of Morgans Hotel Group
  • A publicly held REIT in the acquisition of a 221-room, full-service hotel located in Portland, Oregon for approximately $108 million. This Monaco® branded hotel was added to a management agreement with a subsidiary of InterContinental Hotels Group
  • An affiliate of ARES Management in its sale of Hyatt Lisle in Lisle, Illinois for $16 million
  • A national lender in connection with a $40 million term loan with significant renovation requirements in San Diego, California
  • A national lender in connection with a $46 million term loan financing secured by the hotel unit of a ground-leased condominium in Cambridge, Massachusetts
  • A U.K. lender in the more than $500 million senior- and mezzanine-construction financing for a multi-phase luxury hotel/condominium/office development in White Plains, New York
  • A national lender in connection with the ground-up construction of a select service hotel in Durham, North Carolina
  • A major European bank in the financing of the following hotel properties:

    • Sheraton - acquisition loan of $71.4 million on a Sheraton Hotel in Atlanta, Georgia

    • Crowne Plaza Hotel - acquisition loan of $79.8 million and construction loan of $6.3 million on a Hilton Hotel in New York, representation of lender in assumption and restructuring of loans

  • A developer/borrower in connection with the ground leasing, development and financing of the first major hotel in Boston's Seaport District, including approximately $14 million in "Section 108" financing from the Commonwealth of Massachusetts and $64 million in leasehold mortgage financing from a major life insurance company
  • A publicly held REIT in a sale-leaseback transaction with TravelCenters of America LLC in which our client agreed to acquire 19 travel centers and certain assets owned by TA at 11 travel centers for an aggregate purchase price of approximately $397 million
  • A publicly held REIT in its acquisition of a portfolio of nine hotels located in eight different states for a purchase price of approximately $85 million, which are now managed by Sonesta International Hotels Corporation
  • A publicly held REIT in the acquisition of a 364-room, full-service hotel located in Denver for approximately $77 million, excluding acquisition related costs. This Crowne Plaza® branded hotel was part of a management agreement with a subsidiary of InterContinental Hotels Group
  • A publicly held REIT in a $450 million sale/manage-back transaction of 13 hotels in six states, one Canadian province and Puerto Rico 
  • The owners of the Nickelodeon Family Suites Hotel in Orlando, Florida in connection with the rebranding and recapitalization of the hotel and the subsequent sale of the clients’ interest in the project to the other joint venture partner
  • A lender in the more than $500 million senior- and mezzanine-construction financing for a multi-phase luxury hotel/condominium/office development in White Plains, New York