SAN FRANCISCO – Feb. 2, 2015 – The international law firm Greenberg Traurig, LLP represented TPI Hospitality (TPI) with regard to the sale of stock to the TPI Hospitality Employee Stock Ownership Plan. With more than 40 properties, TPI Hospitality is a leading hospitality owner/operator that develops, builds, and manages hotels and restaurants throughout Minnesota and Florida.
Tom Torgerson, CEO and chairman of the board for TPI Hospitality, reflected, “It took a lot of work from a dedicated team to accomplish the ESOP and the results are seemingly magical from the perspectives of the employees and the selling shareholders.”
“Greenberg Traurig was engaged by TPI to design, structure, and execute an ESOP transaction that would provide a meaningful benefit to TPI's employee-associates,” said Marc Baluda, co-chair of Greenberg Traurig’s ESOP Group. “We are pleased to have been a part of this structuring and transaction.”
Greenberg Traurig’s transaction team was led by Marc Baluda and Alison Gathright (San Francisco), and Jeff Kahn and Brandon Feingold (Boca Raton). The firm provided counsel in the areas of stock acquisition and redemption, plan design, tax, employee benefits and other matters. Additionally, Greenberg Traurig provided legal counsel in the areas of corporate and ERISA fiduciary duties.