The Dentons hospitality and leisure team is pleased to have advised on one of the “most influential hotel industry deals in 2024” according to Hotel Investment Today, on behalf of our client, AJ Capital Partners. Our multidisciplinary team advised affiliates of Nashville-based real estate investment manager AJ Capital Partners in the $210 million sale of the Graduate Hotels brand to Hilton Worldwide. The brand sale was coordinated in parallel with a recapitalization of Graduate Hotels Real Estate Fund III LP. The recapitalization involved new equity investments led by two leading private equity funds, as well as negotiation of 17 lender consents and/or related loan amendments, a new cross-collateralized loan secured by four hotels, and consents from four university ground lessors.

The brand acquisition was named “Merger & Acquisition of the Year 2024” at the recent Americas Lodging Investment Summit (ALIS) and our team extends warmest congratulations to our client, AJ Capital Partners, and all involved.

The brand sale and related recapitalization transaction team was led by Hospitality and Leisure partners Adam Docks and Jordan McCarthy; with support from senior managing associate Adam Dennett, managing associate Kristen Lucas and associate Bridget Guien. The cross-practice team was supported by corporate senior managing associate Zac Moskowitz and associate Vanessa Madrigal; employment and labor partner Dan Beale; privacy and cybersecurity partner Todd Daubert and managing associate Will Krouse; real estate partners Todd Stennes, Simon Masri, Jonathan Jacobs and Richard Stempler, counsel John Bauco; tax partner Rich Williams; and venture technology counsel Nick Janda.

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