|
April 25, 2007 - (New York, NY) - Proskauer Rose LLP, an international law firm with over 700 lawyers worldwide, represented Accor, the international hotel, tourism and corporate services company, in negotiating an agreement for the sale of the Red Roof Inn brand and over 200 Red Roof Inn hotels to a consortium comprised of Citi's Global Special Situations Group and Westbridge Hospitality Fund, L.P. for $1.32 billion.
Upon completion of the sale, the Red Roof Inn network will have 326 properties and 35,238 rooms located mainly in the East Coast and Midwest regions of the United States. The Global Special Situations Group of Citigroup Global Markets Holdings Inc. is a principal investment group that invests Citi's capital in event-driven special situation strategies worldwide. Westbridge is a partnership between Westmont Hospitality Group, one of the largest private owner/operator of hotels in the world, and a number of Canadian pension fund managers.
The Proskauer team involved in the transaction included Jeffrey Horwitz, Yuval Tal, Steven Fishman, Michael Feldman, Solomon Warhaftig, Gail Port, Steven Weinstein, Jennifer Paine, and Michael Schuman.
Proskauer's Lodging and Gaming Group takes a multidisciplinary approach to the lodging and gaming business. The firm draws on experience across all key areas involved in evaluating, negotiating and structuring deals including corporate, real estate, labor, litigation and dispute resolution, environmental, benefits, tax, bankruptcy, and intellectual property. Proskauer's commitment to the hospitality industry is unparalleled among major national firms.
About Proskauer Rose
Proskauer Rose, founded in 1875, is an international law firm providing a wide variety of legal services to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, São Paulo, and Washington, D.C. The firm has wide experience in all areas of practice important to businesses and individuals including corporate finance, mergers and acquisitions, general commercial litigation, corporate governance matters, conducting internal corporate investigations, white collar criminal defense, private equity and fund formation, patent and intellectual property litigation and prosecution, labor and employment law, real estate transactions, bankruptcy and reorganizations, trusts and estates, and taxation. Its clients span industries including chemicals, entertainment, financial services, health care, information technology, insurance, internet, lodging and gaming, manufacturing, media and communications, pharmaceuticals, real estate investment, sports, and transportation. The firm can be found online at http://www.proskauer.com.
|
