Real Estate and Asset Acquisitions
Our involvement goes beyond “dirt, bricks and mortar.” We help our clients investigate and acquire all of the constituent assets including real estate, improvements, intellectual property, brands, subleases and concession agreements, data, receivables, equipment, entitlements, permits, supplies and other tangible and intangible property. By fully immersing ourselves in every detail, we can help our clients structure their acquisitions to achieve their strategic goals.
The Hospitality & Leisure group’s experience interfacing with governmental entities includes coordinating the issuance of Special Use Permits by the United States Forest Service on behalf of our ski resort clients, negotiating leases with the United States Army Corps of Engineers on behalf of our marina clients, and negotiating with local and state governments to obtain their approval of the creation or the assignment of leasehold interests on behalf of our clients in all leisure asset classes. Moreover, we negotiate Developments of Regional Impact, Development Orders, Preliminary Development Agreements, and we represent clients before the Florida Department of Community Affairs, Regional Planning Councils, Water Management Districts and local governments.
In the State of Florida, we are recognized as an industry leader in real estate, land use and zoning. According to the highly regarded Chambers USA directory, “…the group commands the utmost respect of the hospitality industry.” Our multi-disciplinary make-up allows us to address the Hospitality & Leisure industry’s unique challenges relating to labor & employment law, alcoholic beverage licensing and regulation, domestic and international taxation and design and construction as well.
Operating Issues and Agreements
Our attorneys have extensive experience in negotiating hotel and leisure asset ground leases, operating leases, management agreements and franchise agreements on behalf of owners. With respect to hotels, we have negotiated hundreds of management and franchise agreements with national and international operators and brands such as Marriott, Hyatt, Hilton, Intercontinental, Starwood, Omni, Interstate, Benchmark and others. For our golf course developer and investor clients, our attorneys have negotiated operating leases and management agreements with operators/managers such as Billy Casper Golf, Meadowbrook Golf, Heritage Golf Group, Kemper Sports and Century Golf. We have also negotiated ski resort leases and operating agreements with some of the most well-known marina and ski operators in North America.
The attorneys in our Hospitality & Leisure group routinely represent clients in connection with unsecured and secured financing transactions, whether as part of an acquisition of assets, as part of a refinancing of existing debt, in connection with the assumption of existing debt or in connection with establishing an operating line of credit. Over the past three years, we have been involved in financing transactions in excess of $3.5 billion. Recently, we represented a non-listed publicly traded Real Estate Investment Trust (REIT) in connection with an $85 million revolving line of credit facility which included a $50 million accordion feature and a $25 million letter of credit sub-facility and which was secured by four theme and water parks, six marinas and two ski resorts located in ten different states throughout the U.S. We have extensive experience in financing various interests in real property including fee, leasehold, and governmental issued Special Use Permits. With respect to financing of assets which operate pursuant to a Special Use Permit issued by a governmental body such as the United States Forest Service, we have experience in negotiating the necessary Tri-Party Agreement among the Borrower, Lender and USFS.