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Avramopoulos & Partners can provide in-depth experience, knowledge and expertise in hotel transactions. We have historically been involved in a large number of hotel transactions, handling the development, acquisition, financing and operation of various hotels in Greece and abroad.
Acquisitions and Sales
Our experience with acquisitions and sales ranges from relatively simple fee acquisitions to the acquisition and sale of major hotel chains to operate lease transactions and privatization transactions involving public bidding. In addition to transient hotels, we have been actively involved in the acquisition and development of apartment hotels, suite hotels and hotels structured as condominiums.
Because of the diversity of our practice, we have the ability to effectively and efficiently handle all aspects of any hotel acquisition or sale, including the negotiation and preparation of all necessary legal documentation and the conducting of all necessary due diligence. Our due diligence reports routinely cover all aspects of a hotel acquisition including title, permits, financial condition, insurance, leasing, management contracts, patents, trademarks, service marks, copyrights, union, and labor issues and regulatory concerns.
In addition to handling the acquisition, the Firm's hotel group has the capability to obtain all the necessary licenses needed for the successful ownership and operation of a hotel.
Development Transactions
Our attorneys have conducted all aspects of hotel development transactions, including: preparation of agreements for feasibility studies; reviewing and analyzing the legal aspects of site development; preparation of acquisition documents for the site; reviewing and preparing necessary easement agreements, development rights transfer agreements, and restrictive covenants and restrictions. In addition, our attorneys regularly negotiate and document the necessary financing arrangements needed for development, as well as all construction-related documents including project development agreements, construction management agreements, architectural agreements, consulting agreements, and general contractor and subcontractor agreements. Our attorneys also regularly negotiate and document management agreements, service contracts and employment agreements for new hotels.
Financing
We have been actively involved in the representation of owners as well as lenders in many hotel-financing transactions.
Joint Ventures
The Firm offers its services in the negotiation and documentation of hotel joint ventures. We routinely organize joint ventures and partnerships and thus possess up to date knowledge and experience in the areas of concern to any joint venture, including its place of organization and operation; capital account treatment, and the methods used in obtaining additional capital (either equity or debt); defaulting partners and squeeze downs; profit and loss allocation and distribution rights; management issues including selection and replacement of managing partners; major decisions; the treatment of budgets and leasing guidelines; accounting and tax issues; transfer rights and restrictions, including rights of first refusal and rights of first offer; buy-sell mechanisms; admission and withdrawal of partners; and duration, termination and wind-up issues.
Management Contracts
The hotel group routinely negotiates and documents management contracts and operating agreements, including technical services agreements. We analyze and document the key elements of hotel management contracts including provisions relating to: the term; the management fee and its method of calculation, including basic fees and incentive fees as well as other risk compensation methods; the financial reporting requirements of the manager; the preparation of annual plans including the forecasting of income and expenses and the preparation of budgets for capital expenditures and repairs; the mechanics of the budget approval process; the necessity and need for owner approvals; termination rights including management buy-out rights; the payment of management expenses; transfer of ownership and restrictions thereon; reserves for replacement; indemnifications; and technical service agreements and pre-opening management services.
Construction
Avramopoulos & Partners has been actively involved in negotiating and documenting construction and renovation projects. We have developed sophisticated construction management agreements, project development agreements, architect's agreements, supply agreements, consulting agreements, bidding documents and construction contracts which are tailored to meet the needs of owners who are undertaking the renovation of major hotels.
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