Pryor Cashman Represents H.I.G. Capital, LLC In Acquisition of Sheraton Station Square Hotel
Pryor Cashman represented real estate investment firm H.I.G. Capital, LLC in connection with the acquisition of the Sheraton Station Square Hotel, a 399-room hotel in Pittsburgh, Pennsylvania.
The hotel was purchased from an affiliate of Forest City by Station Square Pittsburgh Hotel LLC, a joint venture among H.I.G. Capital, LLC, Pyramid Hotel Group and an affiliate of Glenmont Capital Management, LLC. The transaction closed on July 18, 2013.
Pryor Cashman represented H.I.G. Capital, LLC in all phases of the transaction, including the:
- preparation and negotiation of the joint venture agreements;
- acquisition of the hotel and the assumption of the hotel’s existing mortgage debt;
- negotiation of the hotel management agreement and operating lease with Pyramid Hotel Group;
- negotiation of the franchise agreement with Starwood Hotels and Resorts; and
- preparation of all of the organizational documents.
Representing H.I.G. Capital, LLC in the transaction were Pryor Cashman Partners Todd Soloway and Joseph Brasile and Counsel Danielle Schechner, all members of the firm's Real Estate Group. Associate Jonathan Stein, a member of the Tax Group, assisted with tax matters related to the transaction.
