Posted: October 14, 2021 at 3:06 p.m. CDT|Update: 2 hours ago
LOS ANGELES, October 14, 2021 / PRNewswire / – Leading Law Firm Sklar Kirsh LLP announced today that its guests have finalized a deal that puts Los Angeles’ iconic Sofitel hotel, adjacent to the Beverly Center and Cedars Sinai Medical Center, in the hands of enthusiastic new owners.
According to the Co-Founder Partner firm Andrew T. Kirsh, there was significant value creation through the ability of the buyer to purchase both the land and the leasehold interest in two separate transactions during the pandemic that peaked on the same day.
Although initially hired to represent one of the families selling the land, Kirsh also had a long-standing working relationship with the buyer, a Beverly hillsreal estate company, which Kirsh separately represented in purchasing the hotel improvements and financing for the entire acquisition, which was provided by global investment firm TPG.
“Due to our important relationships on all sides of the transaction, the parties were able to gain the trust of each other which was essential for this agreement as we worked on all the details of the transaction as a team,” said Kirsh said.
The land lease was terminated after the sale, putting the hotel and the land below in the same hands for the first time since the hotel was built in the early 1980s. The new buyer has extensive renovation plans for the property, Kirsh said.
The closing price of the sale is not disclosed.
Sklar Kirsh Lawyers Owen Gross, Jessica demeter, Jim zhou and real estate specialist Tina Legg Bellossi contributed to the success of the transaction. Other companies involved include: Mitchell silberberg & Knupp (Daniel Leon) on behalf of one of the families selling the land, Pircher Nichols & Meeks (Jennifer white) on behalf of the hotel improvement vendor, Cohen Law Group (Marc Cohen) on behalf of the purchaser upon acquisition of the land, and Willkie Farr & Gallagher LLP (Noah Bilenker) on behalf of TPG.
Eastdil Secured participated in the sale of the hotel improvements.
Any inquiries about the agreement should be directed to Andrew Kirsh To 310-845-6416 or [email protected].
Sklar Kirsh LLP is a specialized law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy and entertainment law, as well as commercial, real estate and entertainment litigation. For more information visit www.SklarKirsh.com.
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SOURCE Sklar Kirsh LLP
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