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Welcome to the Inaugural Edition of our Real Estate Newsletter!
At HospitalityLawyer.com, we are continuously striving to meet the hospitality industry's legal, safety, and security needs. With that goal in mind, we are introducing a quarterly Real Estate Newsletter. The Real Estate Newsletter will provide you with real estate information and solutions in the hospitality industry. We hope you enjoy the first edition of HospitalityLawyer.com's Real Estate Newsletter.
In this Edition:
- Grappling with a Ground Lease in the Sale of a Hotel: How to Get a Grip
- A Primer on Transfer Fees
- Checking in to Bankruptcy & Workouts: Options for Your Distressed Hotel
- HospitalityLawyer.com Resources
- Save the Date for the 2011 Hospitality Law Conference
Grappling with a Ground Lease in the Sale of a Hotel: How to Get a Grip
by Stacy Edelstein Hyken, Esq.
Arnall Golden Gregory LLP
Congratulations! You have been retained to represent a client in the sale or purchase of a hotel. Unlike a standard real estate deal where “fixed” land or a building is bought or sold, a hotel transaction involves a living, breathing operating business with employees, guests, inventory and existing contracts. In many ways, the sale of a hotel is more in tune with the sale of an existing business that just happens to involve real estate, rather than being like the sale of real estate that just happens to have an operating business located on the land or in the building. Coming at the deal as the sale of an on-going business will help you hone in on the key issues that you should consider in guiding your client through the transaction to the desired outcome, i.e. the successful and smooth transition of the hotel to a new owner. One of the key issues to consider is how the land on which the hotel sits is held by the Seller, as this will set the stage for negotiating the real estate portion of the transaction.
A Primer on Transfer Fees
by Keenan Kolendo and Holly Lewis
Haynes & Boone LLP
Transfer Fee Instruments have become a hot topic of conversation and debate in the real estate community. “Transfer Fee Instruments” are declarations or covenants recorded against the title to real property that require the payment of a transfer fee (also known as a reconveyance or conveyance fee) to the declarant or a third party upon a subsequent transfer of the real property. The fee is typically a percentage (e.g., 1%) of the sales price, and non-payment can result in the establishment of a lien against the property (in the amount of the unpaid fee, plus interest).
Checking in to Bankruptcy & Workouts: Options for Your Distressed Hotel
by Robert (Bob) H. Voelker, Joseph J. Wielebinski, and Michael P. Gavin
Munsch Hardt Kopf & Harr, P.C.
While the recently popular lender/borrower game of "extend and pretend" has allowed lenders and hotel owners to play nice with each other while hotels have faced these unprecedented economic times, this game may be winding down as lenders begin to take a more aggressive stand on loan maturities/defaults. This article provides insights into some of the practical and legal options for the hotel owner when the lender begins to exercise its legal remedies.
HospitalityLawyer.com Resources
Industry Resources
Trigild is the nationally recognized authority on non-performing commercial loans. Trigild is the only non-performing commercial loan specialist that combines Receivership/Trustee, Management and Disposition services under one roof. Previous Trigild Newsletters include:
Buyer Beware: Unqualified Receivers Can Make Costly Blunders
Update to the Order Appointing Receiver
Webinars
HospitalityLawyer.com offers legal, safety and security webinars for the industry. We also offer on-demand legal, safety, and security webinars, including:
- Due Diligence Assessments in Acquiring Distressed Hospitality Assets presented by Bill Hoffman and Michael Polentz
Save the Date for the 2011 Hospitality Law Conference
The 2011 Hospitality Law Conference is scheduled for February 9-11, 2011, in Houston, Texas. Mark your calendars to not miss this one-of-a-kind conference!
HospitalityLawyer.com
P.O. Box 22888
Houston, Texas
77227
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