Hotels And Leisure
Hospitality and leisure were at the center of industries disrupted by the coronavirus pandemic. The industry experienced nearly a 30% unemployment rate and its recovery will be complicated by the course of the virus and any changes in trends that the virus causes. It is currently assumed that those within the industry that rely on domestic short-distance leisure travelers will recover faster than competitors. While it may take time, many would argue that the industry will inevitably recover based on the inherent characteristic for people to be social.
How We Can Help
The Togut Firm represented the Lehman Trust’s Canyon Ranch hotel in Miami and Ian Schrager’s hotel, The Clift, in successful reorganizations. We know the industry and the issues involved in hotel restructuring.
We also served as co-counsel to Loews Cineplex Entertainment Corporation, one of the nation’s largest motion picture theater exhibition companies at the time of its bankruptcy filing with assets and liabilities exceeding $1 billion. Public theater companies present unique issues in any reorganization.
Our familiarity with the demands of complex reorganizations and our commitment to containing legal costs make our firm especially well-suited for representing struggling companies through difficult times. Keeping our billing rates 25% below market, our firm represents companies that are considering whether to pursue a restructuring, including in or out of Chapter 11. Because we have no retainer clients or institutional relationships, our law firm can act independently in the interests of the debtor and the estate without the conflicts or complications presented by preexisting affiliations with lenders or parties in interest.
The Togut Firm has achieved outstanding results in several restructurings in the hotels and leisure industry by providing independent, creative, and efficient client service. Our relevant experience in this area includes:
Canyon Ranch Hotel
Counsel to the debtors, an affiliate of Lehman Brothers and owners and operators of a Miami Beach hotel lot, including a luxury spa and retail space, which were sold at auction in an amount far exceeding the stalking horse bid.
Schrager's Clift Hotel
Counsel to the debtors, owners of a historic hotel in San Francisco’s theater district that successfully reorganized over $50 million of debt.
Loews Cineplex Entertainment Corporation
Co-counsel with Fried Frank to the debtors, one of the nation’s largest movie exhibitors with over $1.5 billion in liabilities, in their successful Chapter 11 case intended to facilitate the sale of the company.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.