Press Release
Source: Forbes
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
02.17.22
In its second major transaction in 18 months, Pillsbury represented investment firm Eagle Four Partners in the purchase of the former Fashion Island Hotel in Orange County, California. The hotel will rebrand as the Pendry Newport Beach, part of the Montage International chain.
The luxury destination hotel will reopen in the summer of 2023 after a significant renovation, according to press reports. The new Newport Beach property will remain as a hotel with 295 rooms including 82 suites, many with ocean views.
The hotel was sold by the Irvine Company which built the property as a Four Seasons before going independent more than a decade ago. It closed in Spring 2020 at the start of the pandemic.
The new Pendry Newport Beach will offer three unique lounge, restaurant and bar experiences including a pool, sundeck and cabanas, in addition to a new exclusive private club focused on creating community and delivering bespoke experiences.
Eagle Four Partners was represented by a team of Pillsbury lawyers led by Corporate partner Christian Salaman with additional leadership by Real Estate partners Caroline Harcourt and William Waller. The team handled the purchase and ground lease from the Irvine Company, in addition to an equity raise, debt financing, hotel management arrangements and liquor license matters.
In addition to Salaman, Harcourt and Waller, the transaction included Real Estate associates Brittany Griffith, Samantha Sharma and David Wright and legal analyst Jasmin Gurreri; Restaurant, Food & Beverage partner Carrie Bonnington; Tax partner Brett Willis; Corporate associate Alexander Graham and senior legal analyst Rory O'Neill; and various other colleagues from those practice sections, as well as the Finance, Intellectual Property, Employment and Executive Compensation practice sections.
Salaman previously led a team of Pillsbury lawyers representing Newport Center Ventures LLC in the November 2020 purchase of the 532-room Newport Beach Marriott Hotel & Spa for approximately $216 million and the financing for the purchase and planned renovations, including a $170 million debt financing. Newport Center Ventures is a joint venture between Eagle Four Partners and Lyon Living, both based in Newport Beach. See here for more on that transaction.