Press Release
June 21, 2011

Goodwin Attorneys Help HEI Sell Historic Algonquin Hotel and Acquire Several New Properties

Goodwin Procter advised client HEI Hotels & Resorts on a number of transactions completed in recent weeks, including its sale of the Algonquin Hotel. A New York City Historical Landmark, the Algonquin is home to the well-known Blue Bar, Oak Room and Round Table and was a favorite haunt for actors, critics and playwrights, such as Robert Benchley, Dorothy Parker and Robert Sherwood.

The Algonquin transaction is the latest in a flurry of deals completed by HEI and Goodwin's hospitality attorneys. In addition to the Algonquin sale, Goodwin recently counseled HEI on separate acquisitions of hotel properties in Pasadena, California; Arlington, Virginia; and Dallas. The aggregate value of these recent transactions was approximately $348 million.

"These were challenging transactions for a sophisticated client, and could only have been done with a high level of coordination and trust between HEI's team and the Goodwin Procter hospitality team," said Chris Barker, a partner in and the Chair of Goodwin's Hospitality & Leisure Practice.

Anthony Rutledge, HEI's CFO and General Counsel, remarked that "the depth and breadth of Goodwin's hospitality team on hotel purchase and sale, financing, IP, management and franchise issues were critical to the successful execution of these significant transactions on a parallel track."

The cross-office and cross-practice deal teams were led by Christopher B. Barker, with the financing team led by partner Samuel L. Richardson.