International Footprint and Capabilities

With offices in London, Munich, Frankfurt, New York, Washington DC, Los Angeles, Singapore, Beijing, Hong Kong, and Tokyo, our real estate and gaming & hospitality lawyers work seamlessly across the globe, and are sought out by the most significant players in the real estate and hospitality industry, including operators, owners, investors and lenders. Clients can leverage off of this global bench strength and tap into our experience structuring and documenting some of the largest financing and other business transactions in Latin America, Asia, Europe and the Middle East. We also have the important linguistic resources within the Real Estate and Gaming & Hospitality Group to produce legal documentation in a range of languages including Malay, Chinese, Japanese, Spanish and German. Working within the framework of local cultural, political and legal considerations, we are particularly adept at converting “Western” legal and investment structures into effective equivalents in even the most challenging local contexts.

Global Real Estate and Gaming & Hospitality Experience

Attorneys in our offices throughout the world have extensive real estate, and gaming & hospitality experience. Representative descriptions of our experience follow:

Mergers & Acquisitions

Milbank attorneys represented:

• An international investor in connection with its acquisition and restructuring of the Crowne Prince Hotel located on Orchard Road in Singapore, with total debt of approximately US$180 million. Our representation also included the subsequent resale of the hotel property to Park Hotels of Hong Kong.

• Goldman Sachs (Asia) LLC in connection with its purchase of a 25% interest in Rajadamri Hotel Public Company Ltd. which owns, among other properties, the five-star Regent Hotel in Bangkok.

• The principal shareholders of PT Jakarta International Hotels & Development in their transfer of a minority interest to a joint venture controlled by a group of international investors.

• Lowe Enterprises in the acquisition, joint venture agreement and development of a $75 million luxury boutique hotel in Mexico.

• Merrill Lynch (Asia Pacific) Limited in connection with its successful bid to acquire, together with its consortium partner GE Capital Commercial Finance, Inc., a portfolio of Korean real estate secured non-performing loans auctioned by Seoulbank.

• A consortium of international investors in relation to the possible acquisition of a 55% stake in Shanghai Cosco Salim Property Group Co., Ltd., a Shanghai-based property holding company.

• The principal equity holders of the Cabo del Sol residential, hotel and golf resort development in Los Cabos, Mexico in connection with the acquisition of the controlling interest in such development.

• A group of joint venture parties in connection with the sale of their interests in the Estrella del Mar resort development in Mazatlan, Mexico.

In addition, we have represented owners, developers and management in the buy- or sell-side acquisition of hotels including:

• Hyatt Hotel -- Grenada
• La Jolla de Mismaloya -- Puerto Vallarta, Mexico
• Maralisa Hotel -- Acapulco, Mexico
• Ptarmigan Inn -- Banff, Canada
• Runaway Bay Marina -- Gold Coast, Australia

Development and Management

Milbank attorneys represented:

• Cipriani USA, Inc. in the development and management of a $100 million luxury hotel in Moscow, and a $200 million apartment hotel with commercial and residential components in Istanbbul. Turkey.

• Fairmont/Raffles Hotels International in the development and management of luxury, high profile hotels with residential components in Puerto Rico ($300 million) and Costa Rica ($200 million).

• Grand Heritage in the formation of hotel management company; negotiation of complicated hotel management agreements; and negotiation of joint venture agreements in connection with $500 million construction/development of hotel projects in India.

• The Joint Arab Investment Corp. in the development and management of $300 million luxury hotel in Luxor, Egypt.

• Minderbeam, Ltd. in the negotiation of hotel management agreement and structure of the financing of a luxury resort and spa in Costa Rica.

In addition, we have represented owners, developers and others in the development and management of hotels including:

• Hilton Hotel -- Mazatlan Mexico
• Hyatt Regency -- Lima Peru
• Hyatt Hotel -- Grenada
• Grand Hyatt -- Calgary, Canada
• Isla Navidad – Jalisco, Mexico
• Marriott Hotel – Mexico City, Mexico
• Marriott Hotel – Cancun, Mexico
• Marriott Hotel – Puerto Vallarta, Mexico
• Princess Hotel – Acapulco, Mexico
• Princess Hotel – Bermuda
• Sheraton Condado Beach - San Juan Puerto Rico
• St. Regis Vanderbilt Club – San Juan Puerto Rico
• Westin Ojbian Beach – Saipan, Marianas

Real Estate Funds

Milbank attorneys represented: 

• Warburg Pincus in connection with the establishment of an investment fund organized primarily for the purpose of acquiring real estate in Korea and China.

• Korea Asset Management Corporation in connection with its first auction of a portfolio of Korean real estate-related secured non-performing loans to a consortium led by Lone Star Fund and Merrill Lynch, with a total principal amount of approximately US$470 million.

Capital Markets

• Universal Studios Japan, the owner/operator of the Universal Studios Japan theme park, in connection with a preferred equity investment by Goldman Sachs and Development Bank of Japan and the refinancing of USJ’s senior secured debt facility.

• Softbank Asia Infrastructure Fund in its sales of a block of shares of Shanda Interactive Entertainment Ltd, PRC online gaming operator, in compliance with applicable U.S. securities laws.

• Representing the underwriters lead by Deutsche Bank, Barclays Bank and Bank of America in a proposed US$550 million high-yield bond offering for PBL Melco International. PBL Melco is a Nasdaq-listed gaming company focused on Macau.

• Representing the underwriters lead by Deutsche Bank, Barclays Bank and Bank of America in a proposed US$800 million high-yield bond for PBL Melco International for the financing of City of Dreams casino in Macau.

• PT Ciputra Property Tbk, an Indonesian property company, in its US$230 million initial public offering on the Jakarta Stock Exchange and placement under Regulation S.

• Credit Suisse, DBS Bank and CIMB-GK Securities, as underwriters, in the S$277 million initial public offering by ARA Asset Management Limited. ARA is an Asian real estate management company focused on the management of publicly listed REITs and private real estate funds.

• PT Lippo Karawaci Tbk in connection with its US$250 million bond offering pursuant to Regulation S. Lippo Karawaci is one of the largest property developers in Indonesia and has interests in the hospitality and healthcare sectors.

• PT Pakuwon Jati Tbk, a property company, in its US$110 million bond offering - the first debt offering completed after the public announcement of the Indonesian Supreme Court’s decision in relation to the Indah Kiat case.

• PT Matahari Putra Prima Tbk in its US$150 million 9.75% bond offering pursuant to Regulation S. Matahari is the largest retailer in Indonesia operating department stores, hypermarkets, supermarkets and specialty stores in 38 cities across Indonesia.

• The IPO of Indian Hotels, which operates the Taj Mahal chain in India and other Tata hotel investments around the world, and the IPO of Shangri La Hotels, which operates the Kwok group hotel investments around Asia.

• A proposed high yield offering and senior debt financing in 2007 for one of the major Macau gaming hotels.