ORLANDO, Fla. – Dec. 13, 2017 – A multi-office Greenberg Traurig, P.A. team of attorneys led by Orlando Real Estate Shareholder Michael J. Sullivan represented Loews Hotels Holding Corporation, a subsidiary of Loews Corporation (NYSE: L) in forming a partnership to finance, develop and operate a new hotel complex as part of the Universal Orlando Resort with Universal Parks and Resorts, a subsidiary of Comcast Corporation (NASDAQ: CMCSA).
The development, to be located on the former site of the Wet ‘n Wild water park, will include a total of 4,000 new hotel rooms, resort-style landscaping and pools, and retail and food and beverage amenities.
“We were pleased to have been a part of this important joint venture which significantly extends Loews Hotels Corporation’s footprint in Florida – and especially in Orlando,” said Sullivan, who is Co-Chair of Greenberg Traurig’s Hospitality Practice. “The new complex is planned to be a resort quality addition to the Universal Orlando guest experience.”
The scope of Greenberg Traurig’s involvement in the partnership included negotiation and completion of all real estate, hospitality, corporate, and financing documents, including a partnership agreement, ground lease, hotel management agreement, and a $408 million construction loan provided by Wells Fargo Bank, N.A.
The Greenberg Traurig team representing Loews Hotels included Miami Shareholder Burt Bruton; Fort Lauderdale Shareholder Joel D. Maser; New York Shareholder Kristen J. Lonergan; and Associates Brandon K. Hueber; Travis M. Walker; and Hugh A. MacKay.
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