Roseland, NJ (PRWEB) March 15, 2010
Lowenstein Sandler (http://www.lowenstein.com) was honored at Project Finance's Deal of the Year ceremony in New York City for its role as lead counsel to Lend Lease Americas Inc. in the first-ever privatization of hotels on U.S. Army bases, a deal that was named Project Finance's 2009 "North American Real Estate Deal of the Year." The award, which recognizes innovation and achievement in the global project finance market, was presented at a reception held on March 4, 2010.
"Lowenstein Sandler served as our counsel on this landmark deal and their lawyers were integral to our success," said Gary Buechler, CEO of Lend Lease Americas Inc. "Lowenstein's real estate and corporate lawyers provided the strategic, practical and forward-thinking advice that was necessary for a deal of this scope and complexity to close."
The Privatization of Army Lodging (PAL) project covers the privatization of 3,200 existing hotel rooms in 62 lodging facilities across 10 installations in eight states. In the first phase of the deal, which closed in August 2009, more than $125 million of privately placed debt and equity was invested in the project to upgrade and refurbish the existing lodging portfolio. The second and third phases are expected to add approximately $350-450 million in additional capital to finance further renovations and new construction, ultimately leading to an expansion of the project to more than 4,200 hotel rooms. The hotels in the PAL project are located on Army installations in Fort Rucker, Alabama; Fort Leavenworth, Kansas; Fort Riley, Kansas; Fort Polk, Louisiana; Fort Sill, Oklahoma; Fort Hood, Texas; Fort Sam Houston, Texas; Yuma Proving Ground, Arizona; Fort Myer, Virginia; and Fort Shafter/Tripler Army Medical Center, Hawaii. The first phase of the project is expected to be completed in 2011.
In the transaction's first phase, Lowenstein Sandler's real estate attorneys negotiated a 50-year ground lease, and municipal services and utility agreements with the Army, a long-term portfolio hotel management agreement with InterContinental Hotels, and construction loans and lock box/intercreditor agreements with three different institutional lenders. The Lowenstein team was led by Edward J. (Ted) Hunter, who chairs the firm's Real Estate Practice Group, and included David Tlusty, Norman Spindel, Brian Silikovitz, Jessica Plinio, Inshirah Muhammad and Julie Boas.
About Project Finance Magazine
Project Finance magazine is Euromoney Publications' flagship international infrastructure finance title. Publishing for 26 years, Project Finance covers a range of sectors including oil & gas, power, renewables, transport and public-private-partnership. The magazine's subscribers are global and comprise project developers, bankers, consultants, lawyers, multilaterals and the public sector.
This is the 10th year that Project Finance has awarded "Deals of the Year," given to the fastest, cleanest and strongest deal structures and innovations that move the market forward. All deals are vetted by Project Finance's team of journalists, shortlisted via a weighting system and debated by the team and independent industry contacts. Final decisions are made via a further, more detailed, weighting system. On average 300-350 of the best deals of the given year are entered for the awards.
About Lowenstein Sandler (http://www.lowenstein.com)
Lowenstein Sandler PC is a nationally recognized corporate law firm with offices in New York, Palo Alto and Roseland, with approximately 260 attorneys providing a full range of legal services. The firm's commitment to its clients is demonstrated through its client-centered, service-oriented culture. Lowenstein Sandler attorneys are regularly recognized for excellence by clients and peers in national publications, including The Best Lawyers in America, Chambers USA: America's Leading Lawyers for Business and The Legal 500.
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