Rachel S.K. Bates

  • Partner
  • Erachel.bates@lw.com
  • 330 North Wabash Avenue, Suite 2800
  • Chicago, IL 60611
  • USA
  • T +1.312.876.6541


Rachel Bates is a partner in the Real Estate Practice.

Ms. Bates serves a broad range of clients in complex real estate transactions, including representing hotel owners and operators in connection with the disposition, acquisition, development, financing, ownership, and management of their hotel, resort, and gaming properties.

She also has experience representing operating companies, real estate investment trusts (REITs), private equity sponsors, pension funds, and other institutional investors in structuring, negotiating, and forming joint ventures and other investment vehicles for acquisition (asset and entity level), financing, and/or development of all property types.

Additionally, Ms. Bates has experience representing borrowers in negotiating mortgage and mezzanine acquisition, construction, interim, and permanent financing for office buildings, hotels, and multi-family properties as well as representing private equity funds in acquisition of distressed debt. She further represents financial institutions, developers, and property owners in workout negotiations, restructurings, and other transactional resolutions to distressed debt situations.

Ms. Bates has been recommended for her work in Leisure & Hospitality by Chambers USA 2018 – 2020, her work in Real Estate by Chambers USA 2020, and for her work in Real Estate by The Legal 500 US 2017 – 2018. She was honored as a Rising Star for Hospitality by Law360 2017.

Ms. Bates is a member of CREW Chicago and of the firm’s Steering Committee for WEB (Women Enriching Business).


Ms. Bates' experience includes:

  • Acquisition of hotel operating company and fee interest of 200+ hotels together with franchise and management agreements
  • Joint venture acquisition of mezzanine debt, foreclosure of such debt and senior mortgage restructuring secured by hotel in Hawaii
  • Joint venture to develop a convention center hotel, mortgage financing, public/private financing, and ground lease
  • US$1 billion portfolio sale of three luxury hotels
  • Sale of five-star urban hotel and contemporaneous management agreements for three additional hotels
  • Acquisition and financing of luxury hotels in San Francisco and New York
  • Leading real estate investment trust in connection with a merger with a non-traded REIT resulting in a combined US$7 billion public company
  • Ground lease with purchase option for a to be developed cancer center and medical campus
  • Joint venture to develop multi-family housing project along with mortgage financing
  • Restructuring mortgage and mezzanine debt and implementing debt-for-equity exchange for golf club operator
  • Leading real estate investment trust owning US$3.2 billion of property in connection with its corporate restructuring and US$500 million initial public offering equity offering
  • National industrial developer in connection with the formation of a joint venture for the acquisition and development of a US$750 million industrial facility for the National Nuclear Security Administration
  • Joint venture for the development of a mixed-use office retail, residential, grocery project; along with senior mortgage financing and mezzanine financing
  • Sale of Wrightwood Capital’s investment platform to Ares Commercial Real Estate
  • Joint venture of a specialized unit of a National Bank with a hotel operator for a programmatic hotel development platform
  • Acquisition and financing of a portfolio properties leased to public utilities

Thought Leadership

  • Making the Most of the Mentor-Mentee Relationship -  October 22, 2019

According to sources:

"A rising star." She is "exceptionally effective."
Chambers USA 2021

"A great businesswoman and lawyer" who is "extremely thorough and responsive."
Chambers USA 2020

Bar Qualification
  • Illinois
  • JD, University of Tennessee College of Law, 2007
    summa cum laude
  • BA, University of South Carolina, 2003
    magna cum laude
  • REITs
  • Real Estate
  • Restructuring & Special Situations
  • Private Equity
  • Private Equity Finance