$73 Million Sale of Hotel and Casino
A team of Holland & Knight corporate and real estate lawyers and paralegals closed a $73 million sale of a hotel and casino. The complex transaction involved a multilayered financing structure that included documenting inter-creditor, lease and option agreements between and among the purchaser, its senior lender, and the seller. The transaction also required the simultaneous termination of time share interests that were established by a now-bankrupt association, the settlement of three pieces of litigation, the use of a GRAT and family trust for estate planning purposes, restructuring of the seller to purchase minority partners, and the structuring of membership rights for the mezzanine lender into four separate bankruptcy remote entities.