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Greenberg Traurig Attorneys Assist in Securing $315 Million in New Funding for New Ritz-Carlton in New York City

MIAMI – July 26, 2018 – A team of Greenberg Traurig, P.A. attorneys assisted an affiliate of Flag Luxury Group in securing financing from Atalaya Capital Management and CapitalSource and a new equity investment from Atalaya for a new full-service Ritz-Carlton hotel and residences in Manhattan, and in the negotiation of the hotel management agreement with The Ritz-Carlton Hotel Company. New funding for the project to be located at 28th Street and Broadway consists of a $250 million construction loan and a $65 million equity investment.


Flag Luxury Group is a privately-held real estate company headquartered in New York City with a focus on luxury hotels and land-based entertainment and retail projects.


The Greenberg Traurig attorney team was led by Shareholders Juan Loumietand Steve Bassin, and included Shareholders Chang Won Choi, Glenn Newman, and Brian L. Colborn, Associate Bryan Saul, and Of Counsel Jill E. Strawbridge.


“We were very pleased to assist in the financing and management agreement negotiations for Flag Luxury Group’s project which will bring a new hotel with an iconic brand to Manhattan,” Bassin said. “The new Ritz-Carlton will no doubt be an exceptional addition to the company’s hotel portfolio.”


About Greenberg Traurig, LLP

Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: Twitter: @GT_Law.