Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
07.22.21
Two separate deals by Pillsbury’s notable hospitality clients, Newport Center Ventures and Three Wall Capital, have been recognized as finalists in the Americas Lodging Investment Summit (ALIS) Awards for transactions closed in 2020. Pillsbury played the key legal role in two awarded transactions for the “Single Asset Transaction of the Year” and “Merger & Acquisition of the Year” categories.
The ALIS Awards recognizes hotels, companies and executives who were responsible for the most influential hotel industry deals in 2020.
The two pioneering 2020 deals recognized by ALIS are:
Led by Corporate partner Christian Salaman and Real Estate partners Eric Kremer, Steve Hamilton and Caroline Harcourt, a team of Pillsbury lawyers represented Newport Center Ventures, a joint venture of Eagle Four Partners and Lyon Living, in the 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. For nearly a year, this deal represented both the largest hotel sale and financing to occur nationwide since the onset of COVID-19 in the first quarter of 2020.
The Pillsbury team advised the client in the purchase, debt financing, equity financing, hotel management arrangements and more. The team included Carrie Bonnington, Thomas Gump, Jessica Lutrin, Laura Latham, Richard Nielsen, Martin Bridges, Rory O’Neill, Thomas Tiop and John Monarrez. Read more here.
Led by Real Estate partner Paul Shapses, a team of Pillsbury lawyers represented Three Wall Capital LLC in its acquisition of eight extended stay hotels. The hotels were added into an existing portfolio of hotels acquired by Three Wall Capital and its investment partner pursuant to an amended and restated joint venture agreement negotiated by the Pillsbury team. The acquisition was financed by increasing an existing non-recourse, multi-state loan covering 30 hotels located nationwide. This acquisition came in the middle of the COVID-19 pandemic, it was important to establish that the hotel transactions market could rebound from the devastating effects on the travel industry.
Pillsbury negotiated the purchase and sale agreement, the franchise license agreements with Extended Stay America and IHG, the hotel management agreements with Aimbridge Hospitality and coordinated the closing. The team included David Miller, Laura Hannusch, Ivan Mitev, Richard Nielsen and Adam Weaver.