Gary E. Axelrod

gary.axelrod@lw.com

+1.312.777.7051

Band 1 – Real Estate and Leisure & Hospitality

Chambers USA 2023

"Gary has a tremendous reputation for excellent client service and technical skills. He's very even-keeled and focused on getting transactions closed."

Chambers USA 2023

"Gary is a practical and business-focused lawyer who is ultimately going to put his client's business first and foremost."

Chambers USA 2023

"Gary Axelrod is one of the smartest people I've ever encountered in this arena."

Chambers USA 2023

"His broad knowledge base, relationships in the business and extensive experience in the hotel industry makes him one of the best lawyers for a hotel transaction."

Chambers USA 2022

"Go-to attorney for big-ticket transactions such as joint ventures and acquisitions."

Chambers USA 2022

"He is a fantastic lawyer and an expert in the field."

Chambers USA 2021

Leading Lawyer – Real Estate

The Legal 500 US 2022

MVP of the Year – Hospitality

Law360 2023

Profile

Gary Axelrod, Global Co-Chair of the firm’s Hospitality, Gaming & Leisure Industry Group, and former Global Co-Chair of the Real Estate Practice, advises clients on many of their most complex and highest-profile real estate transactions.

Nationally recognized as a leading transactional lawyer in both the real estate and hospitality industries, Mr. Axelrod delivers creative and strategic counsel to private equity sponsors and funds, institutional investors, operating companies, real estate investment trusts (REITs), and entrepreneurial developers. His experience spans all types of transactions and asset classes, with a particular focus on hotels, resorts, and gaming properties. He also brings substantial experience advising on international projects, including in Canada, China, Dubai, India, Abu Dhabi, and Mexico.

Mr. Axelrod regularly advises on transactions related to:

Complex single-asset acquisitions and dispositions
Portfolio acquisitions and dispositions
Entity-level mergers and acquisitions
Joint ventures, including platform and strategic joint ventures and public-private partnerships
Development projects
Debt and equity financings
Bankruptcies and restructurings, including complex asset-level and corporate-level restructurings

He is consistently recognized by leading industry publications, including Chambers USA, The Legal 500 US, Law360, and Leading Lawyers Network.

Mr. Axelrod also supports community causes by serving as a board member for the Anti-Defamation League, Midwest and assisting clients on a pro bono basis, including in connection with community outreach programs.

He regularly frequently serves on the Advisory Boards for Real Estate Law360 and Hospitality Law360, and was licensed as a certified public accountant in 1994.

Experience

Representative clients include:

Apollo Global Real Estate
Ascendant Capital Partners
Atrium Hotels
B&B Hotels
Dune Real Estate Partners
GEM Realty Capital
Haberhill
Hersha Hospitality Trust
HHM
Highgate Capital Investments LP
Junius Real Estate Partners
Kayne Anderson Real Estate
KHP Capital Partners
Loews Hotels
MCR Development
Monarch Alternative Capital
Peterson Companies
Playa Hotels & Resorts
Remedy Medical Properties
Riller Capital
Schulte Hospitality
Starwood Capital Group
Walton Street Capital

Mr. Axelrod’s experience includes advising:

Highgate Capital Investments LP in its acquisition of the Viceroy Hotel Group
Public company and private investor in connection with the development of a mixed-use project in the City of Miami
Private equity fund in formation of two development pools for investing in single-family home rental portfolios
Hersha Hospitality Trust in go-private transaction with KSL Capital Partners valued at US$ 1.4 billion
Highgate Capital Investments LP in its US$1.5 billion go-private acquisition of CorePoint Lodging, a publicly-traded REIT
Highgate Capital Investments LPin its US$2.8 billion acquisition of Colony Capital’s 197 hotel investment platform
Ascendant Capital in its US$450 million joint venture with respect to preferred equity PIPE and warrants in Watermark Lodging Trust
Highgate Capital Investments LP in its US$3.5 billion acquisition of Colony Capital’s Wellness platform
Closely held real estate investment company in its US$516.3 million acquisition of Rio All-Suite Hotel & Casino, a gaming resort, from Caesars Entertainment
Highgate Capital Investments LP in its US$50 million joint venture with respect to preferred equity PIPE and warrants in American Hotel Income Properties
A real estate private equity fund in its PropCo and OpCo investment in a combination contemporary art museum and boutique hotel chain
C losely held real estate investment company in its ground lease for a new-build hotel and casino in Maryland and subsequent bond financing
Private equity fund in a development joint venture for a luxury hotel-anchored mixed-use project
Private equity fund in the acquisition of a more than 1,700 single-family home rental portfolio
Loews Hotels in a public-private partnership for the development of two flagship convention center hotels
Private equity fund in the formation of two Freddie Mac-focused debt funds
Starwood Capital Group in a joint venture for a mixed-use project involving two, dual-branded hotels in Nashville
Remedy Medical Properties in acquisitions of large, medical office building portfolios
Starwood Capital Group in its acquisition of TMI Hospitality, an owner and operator of more than 200 hotels
MCR Development in the acquisition and financing of a portfolio of 18 Marriott and Hilton hotels across 11 states in the US
Private equity fund in the acquisition of multiple portfolios of manufactured housing communities
Hersha Hospitality Management in numerous joint ventures and company-level recapitalization
KHP Capital Partners in the sale of Kimpton Hotel & Restaurant Group, an operator of boutique hotels and restaurants, to the InterContinental Hotels Group
Walton Street Capital in a joint venture acquisition of mezzanine debt, foreclosure, and senior mortgage restructuring secured by a hotel in Hawaii
KHP Capital Partners in the redevelopment of an office building into a boutique lifestyle hotel, as well as the related financing
Private - equity owned manufactured housing operator in the restructuring of approximately US$1.6 billion in commercial mortgage-backed securities debt
Private-equity owned golf club operator in the restructuring of mortgage and mezzanine debt and the implementation of a debt-for-equity exchange
General Growth Properties in the bankruptcy and restructuring of more than US$10 billion of debt
MCR Development in the acquisition and financing (including loan assumptions) of a 26 hotel and operating company portfolio
Hersha Hospitality Trust in a US$200 million notes offering
GEM Realty Capital in the acquisition and financing of a luxury hotel in San Francisco
Kerzner International in the management, development, and ownership of six-star international resort projects, including in Dubai, Abu Dhabi, and Mexico
International hotel brand operator in the US$650 million acquisition of a national hotel chain, including 60 owned hotels
International hotel brand operator in the ground lease, financing, construction, and management of a flagship convention center hotel
International hotel brand operator in the US$325 million sale of four hotels in Sardinia, Italy, and a joint venture to develop approximately 6,000 acres of undeveloped land
Merchant developer in the restructuring of US$650 million of debt

Qualifications

Bar Qualification

Illinois

Education

JD, University of Illinois College of Law, 1997
magna cum laude
BS, University of Illinois, 1994
with high honors

Practices

Industries

October 24, 2023 Recognition

MVP: Gary Axelrod

The Chicago-based Global Co-Chair of Latham’s Hospitality, Gaming & Leisure Industry Group, recognized for representing Flynn Properties in a joint venture with Värde Partners and their US$1.1 billion purchase of an 80% interest in 89 select service and extended stay hotels from Highgate Hotels and Cerberus Capital Management.