SOURCE: Cooley Godward Kronish LLP

November 29, 2006 14:00 ET

Real Estate Practice Closes on Aruba Marriott, Among Largest Deals in Caribbean Lodging History

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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