Contact Information: Media Contacts: Mark Curran Cooley Godward Kronish LLP Direct: 212-479-6482 mcurran@cooley.com
Real Estate Practice Closes on Aruba Marriott, Among Largest Deals in Caribbean Lodging History
| Source: Cooley Godward Kronish LLP
NEW YORK, NY -- (MARKET WIRE) -- November 29, 2006 -- The
Real Estate practice group of Cooley
Godward Kronish LLP has acted as counsel on one of the largest deals in
Caribbean lodging history. Cooley attorneys represented Caribbean Real
Estate Opportunity Fund 2005, L.P. in its acquisition of the 413-room Aruba
Marriott Resort & Stellaris Casino in Aruba. The acquisition closed on
November 14, 2006.
The heavily structured transaction involved significant negotiation and
coordination with seller's counsel, as well as with local advisors to the
Fund on legal and structuring issues covering U.S., Netherlands,
Netherlands Antilles and Aruba law.
Marriott will continue to manage the property under a long-term management
agreement with the new owners. The resort features 20 suites with direct
ocean views, a 17,000-square-foot casino, and 11,000 square feet of meeting
and banquet space. The new owners plan to renovate and reposition the
property.
"This significant transaction is another example of the market leadership
our real estate practice has developed in the Caribbean and Central America
region," said Gary M.
Kravetz, Partner in the Real Estate practice at Cooley Godward Kronish.
The group previously led the largest real property transaction in the
history of Puerto Rico and is active in various additional property and
development initiatives throughout the region.
The Cooley Godward Kronish team consisted of Mr. Kravetz and associates
Donna Corrigan and Lesley Kroupa.
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