$1 billion purchase and renovation of Perry Hotel (formerly the Gansevoort), one of South Beach's largest oceanfront luxury resorts
Hotel Place 24, LLC, a joint venture between Starwood Capital, the LeFrak Organization and INVESCO Real Estate
Serve as counsel to 2377 Collins Resort, L.P., a venture created by Starwood Capital, The LeFrak Organization and INVESCO Real Estate, in connection with the $1 billion acquisition and subsequent major renovation and improvement of property including the Perry Hotel South Beach, formerly known as the Gansevoort Miami Beach. The property contains two million square feet of building space including hotel, condominium, retail, and related uses. We assisted the client in due diligence, analyzing the risks of litigation and land use issues to price the acquisition and succeed over other competing bidders. Our multidisciplinary team then settled and resolved outstanding major litigations, including those associated with the condominium association, in order to permit over $100 million in improvements to be transformed into the luxury, eco-friendly 1 Hotel & Residences brand. Bilzin Sumberg also handled contract negotiations and closing (including modification of existing loan documents) and supervised review and analysis of land use issues, all leading up to a complicated but successful closing involving multiple parties.