In this issue
- Does the House Always Win?
- Int. 991-2024: What You Need to Know about the New York City Safe Hotels Act and Its Possible Implications
- Seizing Opportunity: Advantages of a Section 363 Bankruptcy Sale
- Course Correcting the Florida Condominium Act in the Aftermath of the IconBrickell Decision: Key Amendments to Florida’s Condominium Act and Looking Ahead
- Does High Construction Cost Fever Make You Feel Sick? While Not a Cure, Here Are Several Prescriptions That Can Aid in Your Recovery
Upcoming and Recent Events
- September 24, 2024 – Joshua Bernstein and Ronald Kornreich to Speak at the HOFTEL Americas Members’ Summit
- September 26-27, 2024 – Akerman Sponsors the 12th Annual Hotel and Lodging Legal Summit
Does the House Always Win?
KEY TAKE
These multi-amenity integrated resorts can be especially popular destinations for American guests in search of international travel experiences. Owners and operators of foreign integrated resorts should be mindful of the unique legal issues they may face when dealing with American guests. Implementation of one specific, short, and relatively simple contractual provision can help operators alleviate significant friction, reduce costs, and promote efficiency when disputes arise.
Whether due to a certain pop star's record-breaking international tour, the Olympics, or simply pent-up travel energy following COVID-19, summer 2024 seems to have been restorative for the travel industry worldwide. With this resurgence of demand for global hospitality comes the return of the same issues the industry has always faced, but has perhaps forgotten, in its post-pandemic recovery efforts. In the case of Americans traveling abroad, foreign hotels – particularly those operating casinos – are wise to be aware of certain legal issues that can arise and the way U.S. courts treat those issues. When welcoming American guests to a resort and casino, there are several matters an owner and/or operator should consider in advance to best protect the business if and when disputes occur.
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Int. 991-2024: What You Need to Know about the New York City Safe Hotels Act and Its Possible Implications
KEY TAKE
New York City’s proposed hotel licensing and new regulatory scheme for all hotels – a reaction to the COVID-19 pandemic – has caused significant uncertainty in the marketplace and pushback from the hospitality industry, though some aspects of the bill are likely to become enacted.
Hotels are a key component of New York City’s business industries, tourism, and overall profitability. Historically, New York City has been friendly and open to hotels and the hospitality industry. In 2008, there were approximately 76,400 hotel rooms in the city. This number climbed to 115,000 by 2017 and continued to surge from there. With the introduction of Airbnb, the number of available rooms increased dramatically, leading to an oversaturation of available rooms for visitors and locals alike.
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Seizing Opportunity: Advantages of a Section 363 Bankruptcy Sale
KEY TAKE
Hotel investors should look for opportunities to acquire hotels out of bankruptcy, which affords certain benefits that are not generally available in customary arm’s length purchase and sale agreements.
It is too frequent of an occurrence that prospective buyers of hotels at bankruptcy sales feel like outsiders with the deck stacked against them. Because of this, they sometimes miss out on good investment opportunities, as they are unfamiliar with how the auction process works and do not understand the bankruptcy case itself or the sales procedures, nor how to best craft their bids or evaluate the bids of others. The purpose of this segment is to shed some light on hotel sales under Section 363 of the bankruptcy code (Section 363), in the hope of fostering a more open and robust bidding process to perhaps turn some interested “would-be buyers” into successful bidders and owners of distressed hotels that are able to turn the corner after being shed of their debt and repositioned.
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Course Correcting the Florida Condominium Act in the Aftermath of the IconBrickell Decision: Key Amendments to Florida’s Condominium Act and Looking Ahead
KEY TAKE
Amendments to Florida’s Condominium Act enacted after the IconBrickell decision will likely chill the proliferation of similar lawsuits moving forward, but there could be challenges regarding the retroactivity of the amendments.
Prior to October 2020, property developers, condominium boards, and legal practitioners in Florida observed a long-held understanding that property owned by a particular condominium unit — such as a hotel or commercial unit — could not be designated as common property controlled by the condominium. This understanding largely stemmed from how the term “common elements” was defined under the Florida Condominium Act.
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Does High Construction Cost Fever Make You Feel Sick? While Not a Cure, Here Are Several Prescriptions That Can Aid in Your Recovery
Ted J. Torres is a partner and Head of Hospitality at CREDE, with more than 35 years of experience in the hospitality industry, specializing in the development, renovation, and strategic advisory of hotel and multifamily assets. His career has been defined by a commitment to transforming visionary concepts into successful, concrete developments, having overseen the creation and renovation of over 10,000 hotel rooms across the globe.
At CREDE, his focus is on delivering exceptional value for their clients by leveraging his extensive experience and industry connections. Whether it’s a new development, a renovation, or a repositioning project, Ted is dedicated to ensuring that each project meets the highest standards of excellence.
High construction costs in both new build hotel commercial real estate and hotel renovations can be a major hurdle, but there are eight strategies that can help mitigate these expenses.
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Trivia Question Common Elements Puzzle Please send your answers to [email protected] by Friday, October 4, 2024. |
