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.
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
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!
