Donald M. Pepe, Howard D. Bader, and Team Successfully Advise Hotel Management Company in Complex Acquisition of Former Andaz Wall Street Hotel in NYC
New York, NY – February 15, 2022 – Scarinci Hollenbeck represented Blue Sky Hospitality Solutions Management Co. (Blue Sky Hospitality) in the $84 million acquisition and financing of the former Andaz Wall Street Hotel. This transaction saw the extravagant Financial District hotel rebranded as the Hyatt Centric Wall Street. Partner & Chair of the firm’s commercial real estate group Donald M. Pepe and NYC Managing Partner Howard D. Bader led the team that represented Blue Sky Hospitality.
“We are proud to have represented Blue Sky Hospitality in this transaction,” stated Mr. Pepe. “It was a complicated deal with a short fuse involving not only our real estate group, but also our corporate transaction group, commercial lending team, tax, and labor groups. It is something I could not have done without such a stellar team of lawyers behind me,” he continued.
Background of the Acquisition
Navika Group of Companies purchased the hotel portion of the property from Hakimian Organization for $84.7 million. The complex acquisition required:
amendments to the building’s condominium documents to ensure the new owner’s autonomy;
a franchise agreement with Hyatt Hotels Corporation;
corporate governance and investment documents for the new owner entity;
settlement of a labor dispute with the local hotel workers union;
significant ERISA issues related to unfunded pension liability;
local tax issues;
navigation of a pandemic-related severance law;
clearing liens and code violations;
negation of an interim liquor operations management agreement and the transfer of a liquor license
“The support we received from Don, Howard, and their team was second-to-none. We appreciate their responsiveness, attention to detail, and innovation,” shared Naveen Shah, CEO of Blue Sky Hospitality.
Blue Sky Hospitality assumed management of the new hotel, which reopened its doors on January 26, 2022, after being closed since March of last year.
Results may vary depending on your particular facts and legal circumstances
About Scarinci Hollenbeck’s NYC Commercial Real Estate Practice
Scarinci Hollenbeck’s NYC commercial real estate practice group routinely represents public, private, and institutional clients, assisting them in every aspect of the acquisition, development, financing, construction, and utilization of real property assets. Our real estate attorneys work closely with our environmental attorneys, who are recognized for securing development rights for some of the largest office, retail, industrial, and multi-family development and redevelopment projects in the region.
With a growing practice of more than 60 highly experienced attorneys, Scarinci Hollenbeck is a regional alternative to the National 250 law firms. We serve the niche practice areas most often required by the owners and leaders of corporations. We offer a full range of services and have developed our business law practice with the expertise and specialization necessary to serve our clients as they adapt to the shifting economic landscape.
More information on our firm’s expertise and range of practice can be found on our website: www.sh-law.com.
Arbitration vs. Litigation vs. Mediation: What New Jersey Businesses Should Know Before Signing a Contract
Arbitration resolves disputes privately before an arbitrator whose decision is usually final, while litigation resolves them in court with full rights of appeal. Whether a business ends up in arbitration or litigation is often decided when it signs the contract, long before any dispute arises. Key Takeaways When facing a contract dispute, carefully consider your […]
Can You Own Part of a New Jersey Business Without a Written Agreement?
Can you own part of a business in New Jersey without a written agreement? Yes, it is possible. Under New Jersey’s Uniform Partnership Act, a partnership can arise when two or more people carry on a business as co-owners for profit, whether or not they ever intended to form one. Ownership doesn’t necessarily depend on […]
Crisis-Proofing Your New Jersey Business: Building a Crisis Response Plan Before You Need One
For New Jersey businesses, crisis preparedness should be viewed as a legal and operational function, not simply an emergency-management exercise. A well-designed crisis response plan can help preserve evidence, protect confidential communications, meet reporting obligations, limit unnecessary exposure, and prevent an already difficult situation from becoming a larger legal problem. Key Takeaways A serious crisis […]
Monmouth County's Next Development Wave: What Developers and Investors Need to Know
Monmouth County is entering a significant new phase of development. For those looking to acquire property or undertake a new project, understanding the market opportunity is only the beginning. The more important question is whether a particular property can actually be developed as contemplated and what approvals, agreements, and other conditions will be required to […]
Are Your Conversations with AI Shielded from Discovery? Courts Are Split
Whether a client’s prompts to a generative AI tool and the documents it produces are protected from disclosure depends on the case type, who claims protection, and whether counsel was involved. In United States v. Heppner, a New York federal judge ruled that a criminal defendant’s communications with an AI platform were protected by neither […]
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
