Flynn Properties Inc., owner of commercial real estate, luxury resorts and select service hotel properties in America and abroad, in a joint venture with Värde Partners, a leading global alternative investment firm, announced that it has acquired an 80% joint venture interest in 89 select service and extended stay hotels in a US$1.1 billion implied total enterprise value transaction from affiliates of Highgate and Cerberus Capital Management, L.P.
Latham & Watkins LLP represented the buyers with a corporate team led by Chicago partner and Global Co-Chair of the Hospitality, Gaming & Leisure Industry Group Gary Axelrod, with associates Dustin Paige and Ariel Redlich. Advice was also provided on tax matters by Chicago partner Diana Doyle, with associate Chris Ohlgart.
