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Latham Advises Flynn Properties and Värde Partners on US$1.1 Billion Acquisition

November 23, 2022
Chicago-based team represents the buyers in purchase of 80% interest in 89 hotels across the United States. 

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.