Paul Hastings Represents Carey Watermark Investors in Joint Venture for the Chateau Bourbon Hotel
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,
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