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Published on:

18 August 2011

Hotel Lenders: What should every hotel lender consider in the SNDA before making a hotel loan? Here’s what to look for.

In today’s blog, my partner Guy Maisnik discusses the importance of something most lenders do not seem to adequately understand (until it is too late) and which often ensnares the lender when the loan gets in trouble – the Subordination, Non-Disturbance and Attornment Agreement or “SNDA“.

If you would like a refresher as to why hotel lending is different from other kinds of real estate lending, you may want to refer to (see, Why hotel lending is different and 8 pitfalls of hotel lending and how to avoid them).

Please see the links at the end of this article for other articles in the “What every hotel lender needs to know” series.

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Published on:

17 August 2011

Tips from the Hotel Lending Lawyer: Hotel loan problems and hotel loan document issues are best dealt with at the loan origination. Do you know these fundamentals about your hotel loan documents dealing with hotel management agreements (HMAs) and hotel franchise agreements? There is a long list of things every hotel lender should take into account before making a loan so that it will be protected when a default occurs — much less a foreclosure. But few considerations are as important as dealing with issues raised by HMAs and hotel franchises.

Over the years, we have counseled hotel developers, owners and lenders as they try to fix bad hotel deals and repair bad hotels loans. Often, their problems could have been avoided if experienced hotel advisors had reviewed the necessary documents with a practiced eye, connecting the dots and filling in the blanks before the loan was underwritten.

Hotel lending experience is the key

Lenders need hotel-specific experience — not just real estate experience — because, as my partner Guy Maisnik writes in his article below, “You don’t know what you don’t know.” And what you don’t know can cost you a bundle.

Because a hotel’s operating business is inextricably intertwined with single-purpose real estate, the borrower’s financial obligations are exceedingly complex. We have written other blogs about why hotel lending is different from other kinds of real estate lending, that you may want to read (see, Why hotel lending is different and 8 pitfalls of hotel lending and how to avoid them).

Guy has more than three decades experience in hotel and commercial real estate finance and has recently assisted 3 major lenders in revising and structuring their hotel lending programs and documentation, including their hotel construction lending. In this eye-opening series of articles, Guy discusses how hotel lenders often find unpleasant surprises with hotel loans when they don’t get experienced hotel counsel to prepare their loan documents. And real estate lending experience is not hotel lending experience!

Please see the links at the end of this article for other articles in the “What every hotel lender needs to know” series.

CONTINUE READING →

Published on:

Click here for Simplified Chinese / 简体中文

Click here for Traditional Chinese /繁體中文

Formation of the Chinese Investment Group®

Jeffer Mangels Butler & Mitchell LLP (JMBM) has announced the formation of the JMBM Chinese Investment Group® to provide legal and business advice for the specialized needs of Chinese investors and Chinese investment in the United States for hotel, real estate, EB-5 and other U.S. investments. We have a dedicated team with great experience for this kind of work.

Here is more information about how this development might help you. Click here to download a PDF of this announcement about the Chinese Investment Group®.

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Published on:

This document is in Traditional Chinese
Click here for English / 英文版

Click here for Simplified Chinese / 简体中文

華人酒店和房地產投資法律顧問團隊™ 是美國傑美百明律師所 JMBM Global Hospitality Group® 中一支致力於酒店和高端房地產專案的專業律師團隊。多年來,律師團隊為華人在美國的投資保駕護航,提供最優質的法律服務。我們律師所已經為客戶累計成交了總額高達870億美元的酒店業務,涉及全球範圍內3900處酒店。我們幫助華人投資者識別、分析、評估酒店和高端房地產機遇。同時,我們也可以為投資者尋求融資管道。我們鄭重承諾:為了保證我們的獨立性,我們絕不從任何開發商收取中間人傭金、獎勵費。

知名 客戶和酒店
美國傑美百明律師所( JMBM ) 與很多知名客戶擁有悠久的合作歷史,例如 Regent Hospitality Group 、 特朗普公司、 迪士尼度假俱樂部、 Hillwood Development (Ross Perot, Jr.) 、美高梅金殿夢幻、達拉斯之城。

我們的銀行客戶包括 中國工商銀行、滙豐銀行、富國銀行、華美銀行、遠東國民銀行、德國北方銀行、瑞典銀行、加利福尼亞聯合銀行。

JMBM也在全球範圍內代表很多酒店開發商和業主,包括美國 W Hotels 以及 麗思卡爾頓(Ritz-Carlton)混合使用專案的最大的開發商和業主。

在過去的 20多年中,我們律師團隊專注于服務酒店業主、投資方、開發方和貸款方。我們經常與主要酒店品牌合作。這其中包括 萬豪、希爾頓、喜來登 等60個品牌。其中不乏高端酒店,例如:四季酒店、東方文華酒店、費爾蒙、麗嘉、麗晶、萬麗、洲際大酒店。

華人投資和 EB-5投資移民簽證專案
我們的律師參與了華人在美國房地產投資以及EB-5投資移民簽證專案等,其中包括:

晶華國際酒店(一家位於臺灣的股份有限公司)收購麗晶大酒店(收購包括其全球範圍內的品牌權和在亞洲、歐洲、中東和加勒比的酒店管理協定)

深圳市新世界集團有限公司收購 喜來登環球酒店

華人投資者投資 W好萊塢酒店(包括特色夜店和Delphine高檔餐館)

我們為美國華人投資者提供的服務
我們為華人投資者提供以下地產服務:

發現和評估酒店和高端房地產的投資商機

盡職調查

買賣交易的洽談

債務和股權融資

獲得政府批准和許可

稅務規劃

在獲得物業後,我們將在以下幾個方面為客戶提供服務:

商務合同和租賃協定的起草與審閱

雇傭和工作力事宜

法律和稅務事宜

在酒店投資領域,我們提供以下服務:

幫您聯繫高端酒店品牌(萬豪國際、希爾頓、喜達屋、洲際酒店、凱悅、麗晶、半島、四季酒店等等)

幫您取得市場最佳的合同條款(例如酒店冠名權和管理協定)

融資來源、施工經理人、運營者、品牌和專業顧問

我們為尋求 EB-5融資的客戶提供以下服務

EB-5專案實行可能性和盡職調查

政府獎勵,例如:新市場抵免所得稅、再開發代理集資

EB-5區域中心

確定目標雇傭區域

創業要求

確保州和當地政府對專案的支援

涉及向 EB-5投資人出售有限合夥利益企業的聯邦證券法

EB-5投資專案的結構化事宜

EB-5投資專案市場合同的協商

EB-5貸方和其他貸方之間貸款(以及中間債權人協定)

華人酒店和房地產投資法律顧問集團 ™律師
我們律師所的鄧威律師可以講漢語。 華人酒店和房地產投資法律顧問集團™的律師及其聯繫資訊如下:

姓名 電子郵件信箱 專線
Mark S. Adams MarkAdams@jmbm.com +1 (949) 623-7230
Robert E. Braun RBraun@jmbm.com +1 (310) 785-5331
Jim Butler JButler@jmbm.com +1 (310) 201-3526
Wei Deng WDeng@jmbm.com +1 (310) 785-5371
Guy Maisnik MGM@jmbm.com +1 (310) 201-3588
Ben Reznik BMR@jmbm.com +1 (310) 201-3572
David A. Sudeck DSudeck@jmbm.com +1 (310) 201-3518

關於美國傑美百明律師所( JMBM )

美國傑美百明律師所 ( JMBM ) 為您提供最高品質的法律服務。詳細資訊請參考www.jmbm.com

關於 JMBM Global Hospitality Group®

JMBM Global Hospitality Group® 已經為客戶累計成交了總額高達 870億美元的酒店業務,涉及全球範圍內3900處酒店。歡迎訪問www.HotelLawBlog.com或聯繫全球頂尖酒店律師Jim Butler ,電話 +1 (310) 201-3526 電子郵件jbutler@jmbm.com。

 

Published on:

This document is in Simplified Chinese
Click here for English / 英文版

Click here for Traditional Chinese /繁體中文

华人酒店和房地产投资法律顾问团队™ 是美国杰美百明律师所JMBM Global Hospitality Group® 中一支致力于酒店和高端房地产项目的专业律师团队。多年来,律师团队为华人在美国的投资保驾护航,提供最优质的法律服务。我们律师所已经为客户累计成交了总额高达870亿美元的酒店业务,涉及全球范围内3900处酒店。我们帮助华人投资者识别、分析、评估酒店和高端房地产机遇。同时,我们也可以为投资者寻求融资渠道。我们郑重承诺:为了保证我们的独立性,我们绝不从任何开发商收取中间人佣金、奖励费。

知名客户和酒店
美国杰美百明律师所(JMBM很多知名客户悠久的合作历史,例如Regent Hospitality Group特朗普公司、迪士尼度假俱乐部、Hillwood Development (Ross Perot, Jr.)、美高梅金殿梦幻、达拉斯之城。

我们的银行客户包括 中国工商银行、汇丰银行、富国银行、华美银行、远东国民银行、德国北方银行、瑞典银行、加利福尼亚联合银行。

JMBM也在全球范围内代表很多酒店开发商和业主,包括美国W Hotels 以及 丽思卡尔顿Ritz-Carlton混合使用项目的最大的开发商和业主。

在过去的20多年中,我们律师团队专注于服务酒店业主、投资方、开发方和贷款方。我们经常与主要酒店品牌合作。这其中包括 万豪、希尔顿、喜来登 等60个品牌。其中不乏高端酒店,例如:四季酒店、东方文华酒店、费尔蒙、丽嘉、丽晶、万丽、洲际大酒店。


华人投资和EB-5投资移民签证项目
我们的律师参与了华人在美国房地产投资以及
EB-5投资移民签证项目等,其中包括:

  • 晶华国际酒店(一家位于台湾的股份有限公司)收购丽晶大酒店(收购包括其全球范围内的品牌权和在亚洲、欧洲、中东和加勒比的酒店管理协议)

  • 深圳市新世界集团有限公司收购 喜来登环球酒店

  • 华人投资者投资W好莱坞酒店(包括特色夜店和Delphine 高档餐馆)

我们为美国华人投资者提供的服务
我们为华人投资者提供以下地产服务:

  • 发现和评估酒店和高端房地产的投资商机

  • 尽职调查

  • 买卖交易的洽谈

  • 债务和股权融资

  • 获得政府批准和许可

  • 税务规划

在获得物业后,我们将在以下几个方面为客户提供服务:

  • 商务合同和租赁协议的起草与审阅

  • 雇佣和劳动力事宜

  • 法律和税务事宜

在酒店投资领域,我们提供以下服务:

  • 帮您联系高端酒店品牌(万豪国际、希尔顿、喜达屋、洲际酒店、凯悦、丽晶、半岛、四季酒店等等)

  • 帮您取得市场最佳的合同条款(例如酒店冠名权和管理协议)

  • 融资来源、施工经理人、运营者、品牌和专业顾问

我们为寻求EB-5融资的客户提供以下服务

  • EB-5项目实行可能性和尽职调查

  • 政府奖励,例如:新市场抵免所得税、再开发代理集资

  • EB-5区域中心

  • 确定目标雇佣区域

  • 创业要求

  • 确保州和当地政府对项目的支持

  • 涉及向EB-5投资人出售有限合伙利益企业的联邦证券法

  • EB-5投资项目的结构化事宜

  • EB-5投资项目市场合同的协商

  • EB-5贷方和其他贷方之间贷款(以及中间债权人协议)

华人酒店和房地产投资法律顾问集团™ 律师
我们律师所的邓威律师可以讲汉语。华人酒店和房地产投资法律顾问集团™ 的律师及其联系信息如下:

 

姓名 电子邮件 电话
Mark S. Adams MarkAdams@jmbm.com +1 (949) 623-7230
Robert E. Braun RBraun@jmbm.com +1 (310) 785-5331
Jim Butler JButler@jmbm.com +1 (310) 201-3526
Wei Deng WDeng@jmbm.com +1 (310) 785-5371
Guy Maisnik MGM@jmbm.com +1 (310) 201-3588
Ben Reznik BMR@jmbm.com +1 (310) 201-3572
David A. Sudeck DSudeck@jmbm.com +1 (310) 201-3518

关于美国杰美百明律师所JMBM

美国杰美百明律师所JMBM为您提供最高质量的法律服务。详细信息请参考www.jmbm.com

关于JMBM Global Hospitality Group®

JMBM Global Hospitality Group® 已经为客户累计成交了总额高达870亿美元的酒店业务,涉及全球范围内3900处酒店。欢迎访问www.HotelLawBlog.com联系全球顶尖酒店律师Jim Butler,电话+1 (310) 201-3526 电子邮件jbutler@jmbm.com

 

Published on:

8 January 2011

Hotel Lawyer with advice for 2011: Hotel Investors, take note!

Like it or not, the stage is now set. This is the time. The year 2011 will present one of the greatest hotel buying opportunities for many years to come. And if you are not buying hotels this year, you will miss the window created by one of the biggest economic downturns in American history. What are the key indicators as to why this is a great time to by a hotel? And is price alone enough to justify the purchase, or are there other factors you need to think about? If the market is heading north, can you still make a bad purchase?

Hotel Lawyer Guy Maisnik, Vice Chairman of JMBM’s Global Hospitality Group®, who was the lead attorney for the Receiver in the recent sale of the Sheraton Universal Hotel, answers these questions and more.

CONTINUE READING →

Published on:

5 January 2011

Jeffer Mangels Butler & Mitchell LLP (JMBM), one of California’s foremost full-service law firms, today announced that its Global Hospitality Group® facilitated the sale of the Sheraton Universal Hotel to Shenzhen New World Group Co. JMBM represented the receiver and structured the sale so that the 20-story, 451 room hotel could be conveyed while the hotel was in receivership.

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Published on:

22 June 2010

Hotel Lawyer with some tips for hotel lenders so they can take advantage of higher yielding loans with less risk.

This article will focus on 8 pitfalls of hotel lending – the special traps that hotel lending presents beyond all the typical considerations of traditional real estate lending – and how to avoid them. These are hotel-specific structuring, documentation and legal issues that can really snare the unwary lender.

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Published on:

20 June 2010

Hotel Lawyer with lessons from the past on why hotel lending is different and the things you should know.

Hotel lending is different from any other kind of real estate lending . . . because hotels are different from every other class of real estate. These differences are key to understanding why hotel lending is different than lending on any other class of real estate.

CONTINUE READING →

Published on:

18 June 2010

Hotel Lawyer with lessons from the past on why this is the best time to be lending on hotels

Having recently assisted 3 major lenders design their hotel lending programs and hotel loan documentation, the hotel lawyers in JMBM’s Global Hospitality Group® believe that now is the best time for hotel lending in 20 years. My partner, Guy Maisnik, and I thought you might like to know why we believe this is true. So, here’s why.

CONTINUE READING →

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