Led by Corporate partner Christian Salaman and Real Estate partners Eric Kremer and Steve Hamilton, a team of Pillsbury lawyers represented Newport Center Ventures LLC 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. Newport Center Ventures is a joint venture between Eagle Four Partners and Lyon Living, both based in Newport Beach, California.
The sale and acquisition financing of the Newport Beach Marriott Hotel & Spa represents 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.
Pillsbury Tax partner Peter Elias, Real Estate partner Caroline Harcourt, Corporate associate Patrick Klingborg and senior law clerk Jacob Axelrod also played a key role in this transaction. The full Pillsbury team included Carrie Bonnington, Thomas Gump, Jessica Lutrin, Laura Latham, Richard Nielsen, Mustapha Parekh, Martin Bridges, Rory O'Neill, Thomas Tiop, Julie Torres and John Monarrez.