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Cole Schotz Represents Ascent Real Estate Advisors in Hotel Acquisition & Conversion

Cole Schotz represented Ascent Real Estate Advisors, in a joint venture with Economos Properties, on the redevelopment of a 144,150 square-foot hotel property and vacant parking parcel located in Sparks, Nevada, just outside of Reno. Ascent plans to convert the existing hotel property, currently a Holiday Inn, into a 220-room Best Western Plus hotel. This transaction included a ground lease with respect to the hotel, and a license agreement with respect to the vacant parking parcel through a $10 million equity recapitalization with new investors.

Our representation of Ascent in the equity recapitalization transaction involved counseling our client on the redemption of certain existing investors and addition of new investors in connection with the conversion of the existing Holiday Inn hotel into a Best Western Plus. The property was transferred to three tenants-in-common to accommodate a significant 1031 investor, which then entered into the long term lease of the hotel with the hotel’s affiliated operating company and a license agreement covering an adjacent vacant parcel for the hotel’s parking and incidental uses.

Ascent is an entrepreneurial investment, development and consulting firm that combines the extensive real estate development, management finance and capital market expertise of its principals.
 

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