Structuring Equity Joint Ventures for Hotel Properties: Recapitalization and Other Purposes
Preferred Return, Carried Interest, Cash Flow Splits, Risk Allocations, Guarantees, and Key Issues
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss key legal issues in structuring joint ventures for hotel recapitalizations, taking into account the unique issues in this asset class since the beginning of the pandemic. The program will focus on critical topics in joint venture agreement provisions, including preferred return/promoted interest, carried interest, cash flow splits, risk allocations, guaranties, unwind provisions, and other significant decisions.
Outline
- Traditional preferred return/promoted interests
- Carried interest
- Cash flow splits
- Risk allocations
- Guarantees
- Major decisions
- Unwind provisions
Benefits
The panel will review these and other key issues:
- What are current trends in the use of joint ventures to provide financing for hotel development and acquisitions?
- How are preferred return/promoted interest provisions structured?
- What unique issues in hotel acquisitions impact risk allocation provisions?
Faculty
Jonathan Falik
Founder and CEO
JF Capital Advisors
Mr. Falik leads the firm's hospitality business, which includes equity and debt placement, asset acquisitions and... | Read More
Mr. Falik leads the firm's hospitality business, which includes equity and debt placement, asset acquisitions and dispositions, portfolio transactions, JV structuring, asset management, management company and brand evaluation, and strategic and capital markets advisory services. Previously, he was a Senior Managing Director and the Head of Hospitality Capital Markets at BGC Real Estate Capital Markets. Simultaneously, he was the Head of Hotel Investment Sales for Newmark Grubb Knight Frank. Prior to that, he was a Managing Director and Head of the Lodging and Leisure Investment Banking group at Cantor Fitzgerald & Co. Prior to joining Cantor Fitzgerald, he was the founder and CEO of JF Capital Advisors, a lodging advisory and principal investment firm.
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Tara K. Gorman
Partner
Loeb & Loeb
Ms. Gorman focuses her practice on hospitality law advising clients domestically and internationally on a broad... | Read More
Ms. Gorman focuses her practice on hospitality law advising clients domestically and internationally on a broad spectrum of matters including hotel acquisitions, financings, operations and development. She also handles a variety of management, licensing and branding agreements for hotels, restaurants, water parks and casinos.
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Guy Maisnik
Partner
Jeffer Mangels Butler & Mitchell
Guy Maisnik has over three decades of commercial real estate transactions with a strong expertise in hotels and... | Read More
Guy Maisnik has over three decades of commercial real estate transactions with a strong expertise in hotels and finance. A partner and Vice Chair of the JMBM Global Hospitality Group, Guy is a senior member of the JMBM Chinese Investment Group and a partner in the JMBM Real Estate Department. He advises clients on hospitality transactions, with both a practical business and legal focus, representing buyers, sellers, lenders, opportunity funds, special servicers, REITs and developers in hotel transactions, joint ventures, hotel management agreements and franchise agreements, buying, selling and ground leasing of hotels, complex mixed-used development and fractional and timeshare structuring.
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