Bank of America/Host Hotels & Resorts: Advised Bank of America, N.A. as administrative agent and Wells Fargo Bank, National Association as joint lender arranger, in closing a $1.5 billion amended and restated credit facility to Host Hotels & Resorts, L.P.
Centerbridge Capital Partners, TPG Opportunities Partners and Fidelity Investments/Kerzner International: Represented Centerbridge Capital Partners, TPG and Fidelity in connection with the restructuring and refinancing of resort operator Kerzner International Limited.
Citigroup/Extended Stay Hotels: Represented a partnership of Citigroup and Goldman Sachs in furnishing $2.2 billion in aggregate financing commitments for the bid to acquire Extended Stay Hotels by affiliates of Starwood, TPG and Five Mile Capital Partners.
Colony NorthStar, Inc.: Represented Colony NorthStar, Inc. and Chatham Lodging Trust in connection with an $850 million CMBS mortgage loan financing secured by interests in 47 hotels located in 16 states. The transaction represents the first major portfolio deal since Colony Capital merged with NorthStar.
Colony NorthStar, Inc. and Chatham Lodging Trust: Represented Colony NorthStar, Inc. and Chatham Lodging Trust (CLDT) in connection with a $780 million refinancing secured by interests in 48 select service, extended stay and limited service hotels located in 21 states.
Deutsche Bank AG New York Branch/Host Hotels: Represented Deutsche Bank AG New York Branch, as administrative agent, in connection with the revolving credit facility for Host Hotels & Resorts, L.P.
Deutsche Bank Americas and Wells Fargo Bank/Refinancing of Property Portfolio: Represented Deutsche Bank Americas and Wells Fargo Bank in connection with a $325 million refinancing of Castle & Cooke, Inc.’s property portfolio located in Hawaii, Arizona, and California.
Faena Group/Access Industries: Represented Faena Group and Access Industries in connection with their development of the Faena District in Miami Beach, Florida.
Goldman, Sachs & Co.: Represented Goldman, Sachs & Co. and its affiliates in connection with the following transactions:
- Refinancing by Goldman Sachs Mortgage Company funded by $1.85 billion of first mortgage and mezzanine loans secured by a portfolio of hotels located in Hawaii and San Francisco owned by Kyo-ya Hotels & Resorts, LP and Kokusai Kogyo Holdings K.K.
- Sale of mortgage loan participation interests in the mortgage loan secured by the YOTEL New York hotel as well as the sale of senior and junior mezzanine loans secured by the equity interests of the indirect owners of the YOTEL New York hotel.
- The proposed origination of more than $1 billion through mortgage and mezzanine financings secured by a portfolio of resort hotels on the Pacific rim.
- Mini-permanent financing of the Sands Expo Convention Center in Las Vegas.
- Take-out refinancing of a construction loan for a regional mall constructed as part of The Venetian Resort in Las Vegas.
- Permanent mortgage financings for affiliates of Vornado Realty Trust and Crescent Real Estate Equities Company.
Hudson’s Bay Company: Represented Hudson’s Bay Company in a $1.25 billion CMBS financing deal secured by its flagship Saks Fifth Avenue store property in New York City. The mortgage loan is based upon an assessed value that is significantly more than HBC paid for its entire Saks & Co. portfolio in 2013, and proceeds from the loan will be used in part to fund a renovation of the Saks flagship.
Icade: Advised French real estate company Icade on its €1.55 billion 3-tranche club deal with eight banks. The new financing arrangement, structured in three tranches, will enable Icade (a subsidiary of the Caisse des Dépôts) and Silic, a leading Paris business park owner, to meet general financing needs, optimize debt schedules and increase back-up lines, while reinforcing overall financial strength. The 3-tranche club deal comprises a medium-term credit line (€625 million, 5-year maturity); a revolving credit facility (€550 million, 3-year maturity) and a forward-start credit line (€375 million, 3-year maturity from 2014).
Lehman Brothers: Represented Lehman Brothers in connection with a number of financing matters, including:
- Origination of mortgage and mezzanine loans and preferred equity investments with respect to asset classes as varied as data centers, luxury golf-course developments and urban residential condominium projects.
- Restructuring of various debt and equity relationships with a major private developer and owner of an office building portfolio in the southeastern United States.
- Marketing and potential sale of REO assets acquired by Lehman.
J.P. Morgan: Represented J.P. Morgan in connection with mortgage financings made to two Dow 30 companies.
Ownership Group of Montage Kapula Bay: Represented the ownership group of Montage Kapula Bay in the financing of luxury hotel and residences in Maui, Hawaii.
Paramount Group, Inc.: Represented Paramount Group in its $850 million mortgage financing of 1301 Avenue of the Americas.
Paramount Group, Inc.: Represented Paramount Group in the issuance of mezzanine financing secured by interests in 44 Wall Street, a 289,000-square-foot, 23-story office building owned by The Blackstone Group
Paramount Group, Inc.: Represented Paramount Group in its $2.6 billion initial public offering, the largest REIT initial public offering in U.S. history. Willkie’s multidisciplinary team acted as co-lead advisor to Paramount in the offering and related credit facility. Willkie also acted as lead counsel to the Otto family, the principal owners of Paramount taking the company public.
WP Glimcher: Represented WP Glimcher, a premier retail real estate investment trust (REIT) specializing in the ownership, management and development of shopping centers, in a new 5-year, $500 million term loan. The company used the proceeds to fully repay the remainder of its outstanding bridge loan that was used to finance its acquisition of Glimcher Realty Trust and for other general corporate purposes.