Los Angeles, CA
(September 28, 2011) - Paul Hastings LLP, a leading global law firm, announced today that the firm represented Watermark Capital Partners and its real estate investment trust (REIT), Carey Watermark Investors, Inc., in a joint venture investment for HRI Properties Chateau Bourbon Hotel, a historic hotel in New Orleans French Quarter, including closing on a $22,800,000 loan from Canyon Capital Realty Advisors.
Watermark Capital Partners, a private investment and management firm specializing in real estate private equity transactions, invested $31.3 million out of the total $45.7 million investment. The investment will go toward a complete renovation of the hotel to modernize it and increase the room count. When the renovation is completed in the second quarter of 2012, the hotel will reopen as a Hyatt Hotel Corporation franchised property and be renamed the Hyatt French Quarter hotel.
Real Estate partner and chair of the firms Resort, Restaurant & Recreation Practice Group, Rick Kirkbride,
partner David Phelps
, and associate Jeffrey Myers
led the Paul Hastings team on the joint venture and related franchise and management transactions. Associate Jeff Diener
led the Paul Hastings team in connection with the loan. Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.