Hospitality
Hospitality
Whether your business is global or local, achieving commercial and operational success in the dynamic and complex hospitality industry requires attention to an enormous range of business and legal issues, from property development and financing to workforce management, from vendor contracts to guest safety, security and privacy.

Because your concerns are multidimensional, so is our Hospitality team—bringing together leading practitioners in real estate, corporate, tax, environmental, labor and employment, intellectual property and finance.  And like each of your individual guests, we know that each of our clients has different business needs—and we work to provide representation tailored to each client and each transaction.

We work with some of the most sophisticated owners, operators, developers, investors and financiers in the hospitality and leisure industry, guiding the development, purchase, sale, lease or financing of properties throughout North America, Latin America and the Caribbean, Europe, Asia and the Middle East.  We’ve been involved in more than 500—and counting—hotels and resorts around the globe.

We counsel clients in transactions, including:

  • Hotel Development Projects.  Our team handles all facets of the process for developers of hotel and resort projects, from site acquisition, financing—including construction financing and permanent financing on stabilization—to negotiation of the franchise and management agreements.  Our work includes major hotel properties in North America, including the Courtyard by Marriott at Times Square South (the highest-grossing Courtyard in the entire chain) and the two Marriott brand project (the 639-room, 69-story, vertically integrated property that is the tallest hotel-only building in Manhattan) for which we closed a $180 million construction loan and, more recently, $300 million permanent financing.  Outside of North America, we have represented Sheraton hotels in two Central European capitals, a luxury resort on a private island in Montenegro, a luxury resort on Egypt’s Red Sea and the expansion of one of the Caribbean’s most well-known resorts.

  • Hotel Dispositions.  Our team includes a lawyer with nearly two decades of experience including helping one of the world’s largest hotel companies create an asset disposition pipeline that sold nearly 300 hotels in a number of portfolios to some of the country’s leading hotel Real Estate Investment Trusts (REITs).  We have also represented the sellers of trophy hotel resort properties located in the United States—from New Orleans to Phoenix and several marquee resorts in Florida, and the seller of a portfolio of hotels to Blackstone, in the transaction that marked Blackstone’s entry into the hospitality market.

  • Hotel Acquisitions.  We handle some of the more sophisticated and innovative hotel acquisitions in the world.  We represented the Cork, Ireland-based investment fund that acquired a portfolio of four hotels, including the Latham Hotel in the Georgetown section of Washington, D.C., from Blackstone, and in the related acquisition financing.  We also served as lead counsel to a leading hotel REIT in its acquisition of a portfolio of six Renaissance-branded hotels.

  • Hotel Financings.  We work on behalf of our hotel owner clients in connection with their financings and refinancings—and on behalf of lenders in the industry.  Our attorneys have closed billions of dollars of mortgage loan financings secured by hotel assets around the country, including properties likes the Downtown Marriott on Michigan Avenue in Chicago, the Marriott Marquis in Times Square, the Warner Center Marriott Woodland Hills in Los Angeles, and the Sheraton Center and St. Regis properties in Manhattan, as well as portfolios of La Quinta and CNL-owned hotels.

  • Franchise and Management Agreements.  We help our hospitality clients negotiate hotel franchise management agreements.  Our attorneys worked with some of the world’s largest hospitality companies to prepare their form documents and have negotiated franchise and management agreements on behalf of owners with most major brands and management companies, including Marriott, Hilton, Starwood, Hyatt, Kimpton Hotels, Morgans Hotel Group, Interstate Hotels and Resorts, Loews and Highgate Hotels.  We also represent some of the world’s most important “boutique” hotel companies in management agreement negotiations.

  • Joint Venture Investments.  Institutional investors turn to our hospitality team to structure and negotiate joint venture agreements involving hotel assets.  Our work has included the St. Regis in New York City, the Sheraton Centre in Toronto and the Windsor Court in New Orleans.

  • Public-Private Partnerships.  Our attorneys work on projects with significant public-private components, including two of the most well-known political subdivisions in the U.S. in connection with the development of their convention hotels, one following the municipal ownership model and the other adopting the municipal subsidy model.
 
 

Overview

Whether your business is global or local, achieving commercial and operational success in the dynamic and complex hospitality industry requires attention to an enormous range of business and legal issues, from property development and financing to workforce management, from vendor contracts to guest safety, security and privacy.

Because your concerns are multidimensional, so is our Hospitality team—bringing together leading practitioners in real estate, corporate, tax, environmental, labor and employment, intellectual property and finance.  And like each of your individual guests, we know that each of our clients has different business needs—and we work to provide representation tailored to each client and each transaction.

We work with some of the most sophisticated owners, operators, developers, investors and financiers in the hospitality and leisure industry, guiding the development, purchase, sale, lease or financing of properties throughout North America, Latin America and the Caribbean, Europe, Asia and the Middle East.  We’ve been involved in more than 500—and counting—hotels and resorts around the globe.

We counsel clients in transactions, including:

  • Hotel Development Projects.  Our team handles all facets of the process for developers of hotel and resort projects, from site acquisition, financing—including construction financing and permanent financing on stabilization—to negotiation of the franchise and management agreements.  Our work includes major hotel properties in North America, including the Courtyard by Marriott at Times Square South (the highest-grossing Courtyard in the entire chain) and the two Marriott brand project (the 639-room, 69-story, vertically integrated property that is the tallest hotel-only building in Manhattan) for which we closed a $180 million construction loan and, more recently, $300 million permanent financing.  Outside of North America, we have represented Sheraton hotels in two Central European capitals, a luxury resort on a private island in Montenegro, a luxury resort on Egypt’s Red Sea and the expansion of one of the Caribbean’s most well-known resorts.

  • Hotel Dispositions.  Our team includes a lawyer with nearly two decades of experience including helping one of the world’s largest hotel companies create an asset disposition pipeline that sold nearly 300 hotels in a number of portfolios to some of the country’s leading hotel Real Estate Investment Trusts (REITs).  We have also represented the sellers of trophy hotel resort properties located in the United States—from New Orleans to Phoenix and several marquee resorts in Florida, and the seller of a portfolio of hotels to Blackstone, in the transaction that marked Blackstone’s entry into the hospitality market.

  • Hotel Acquisitions.  We handle some of the more sophisticated and innovative hotel acquisitions in the world.  We represented the Cork, Ireland-based investment fund that acquired a portfolio of four hotels, including the Latham Hotel in the Georgetown section of Washington, D.C., from Blackstone, and in the related acquisition financing.  We also served as lead counsel to a leading hotel REIT in its acquisition of a portfolio of six Renaissance-branded hotels.

  • Hotel Financings.  We work on behalf of our hotel owner clients in connection with their financings and refinancings—and on behalf of lenders in the industry.  Our attorneys have closed billions of dollars of mortgage loan financings secured by hotel assets around the country, including properties likes the Downtown Marriott on Michigan Avenue in Chicago, the Marriott Marquis in Times Square, the Warner Center Marriott Woodland Hills in Los Angeles, and the Sheraton Center and St. Regis properties in Manhattan, as well as portfolios of La Quinta and CNL-owned hotels.

  • Franchise and Management Agreements.  We help our hospitality clients negotiate hotel franchise management agreements.  Our attorneys worked with some of the world’s largest hospitality companies to prepare their form documents and have negotiated franchise and management agreements on behalf of owners with most major brands and management companies, including Marriott, Hilton, Starwood, Hyatt, Kimpton Hotels, Morgans Hotel Group, Interstate Hotels and Resorts, Loews and Highgate Hotels.  We also represent some of the world’s most important “boutique” hotel companies in management agreement negotiations.

  • Joint Venture Investments.  Institutional investors turn to our hospitality team to structure and negotiate joint venture agreements involving hotel assets.  Our work has included the St. Regis in New York City, the Sheraton Centre in Toronto and the Windsor Court in New Orleans.

  • Public-Private Partnerships.  Our attorneys work on projects with significant public-private components, including two of the most well-known political subdivisions in the U.S. in connection with the development of their convention hotels, one following the municipal ownership model and the other adopting the municipal subsidy model.
Partner
Email (212) 808-7638(212) 808-7638
Bob Bickford chairs the firm’s Hospitality practice group.  Bob focuses his practice on transactions relating to different types of real estate assets throughout the United States, repr...
Partner
Email (202) 342-8887(202) 342-8887
Michael S. Kosmas is the deputy chair of the firm’s Global Hospitality and Leisure practice.  He focuses his practice primarily in the areas of corporate and real estate law, principall...
Partner
Email (202) 342-8605(202) 342-8605
Aaron Rosenfeld advises on commercial real estate transactions including real estate development, hospitality asset transactions, mergers, acquisitions, private equity transactions, commercial lend...
Associate
Email (202) 342-8601(202) 342-8601
Nathan Brill is an associate in the firm's Washington, D.C. office.  His practice focuses on commercial transactions including real estate, mergers, acquisitions, private equity and comme...

Contact Information

Robert D. Bickford, Jr.
Practice Chair
(212) 808-7638
rbickford@kelleydrye.com

Michael S. Kosmas
Partner
(202) 342-8887
mkosmas@kelleydrye.com

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