Tammy Knight (J. Albert Diaz)
South Florida lawyers helped cinch two massive multinational hotel deals with major tourism players spending hundreds of millions of dollars for properties in nine countries.
Holland & Knight Fort Lauderdale partners Tammy Knight and Bill Sherman worked with colleague Jeff Stern in Washington, D.C., to advise Miami-based Interval Leisure Group on the $190 million acquisition of Hyatt’s timeshare business.
As part of the transaction, Interval Leisure will acquire Hyatt’s interest in a joint venture that owns a 131-unit vacation ownership property in Maui.
“This transaction allows Hyatt to accomplish two important goals: First, we are realizing significant value from this business from the sale, the recurring license fees and ILG’s focus on creating new travel opportunities under the Hyatt Residence Club brand. Second, because we will be maintaining our presence in the vacation ownership segment by working with one of the most respected companies in the space, Hyatt can focus on driving preference for its hotel brands and increasing its brand presence in key locations and strategically important markets,” said Steve Haggerty, global head of real estate and capital strategy at Hyatt. “We believe ILG’s leadership and focus on the vacation ownership industry will bring new value to the Hyatt Residence Club brand, owners and associates.”
In a second mega hotel deal, a multinational Greenberg Traurig team led Bogota-based Terranum Group’s acquisition of Decameron Hotels & Resorts’ 27 hotels in seven countries. Miami shareholders Randolph Bullard and Antonio Peña worked with fellow attorneys Peter Cunha, Jeremy Dale, Rafael Perez, Regina Mendoza, Milos Markovic, Diana Davis and Jose Antonio Butron on the deal that closed May 8 between Terranum Group and Equity International. The acquisition involved 7,561 hotel keys for properties in Colombia, Mexico, Jamaica, Peru, El Salvador, Ecuador and Panama.
Equity International and Terranum first partnered in 2011 for an office and warehouse development deal in Colombia.
“The Decameron platform serves and profits from the demand of the emerging middle class in Latin America, a highly compelling, fundamental driver across the key geographies where it operates,” said Tom Heneghan, CEO of Equity International. “This transaction marks EI’s second investment in Colombia, a market we continue to be enthusiastic about. We are delighted to join forces once again with such distinguished partners as the Terranum Group and the Santo Domingo Group as we propel the institutionalization of the Colombian real estate sector.”