Workout of $67.5 Million Construction Loan for Bonaventure Hotel & Spa in Weston

Representation of Bonaventure Hotel Associates in the workout of a $67.5 million construction loan from the German bank WestLB for the Hyatt Regency Bonaventure Conference Center & Spa in Weston, Florida. The 250-unit condo hotel has 500 hotel rooms, a spa, and extensive conference facilities. Due to the market downturn, the hotel was valued at far less than the matured loan amount. Of the 250 units, 150 were retained as guaranteed inventory and 100 were sold to outside buyers. As part of the workout, we negotiated forbearance and asset management agreements, secured an agreement from the lender to fund operating deficits, and obtained substantial payments in favor of the principal and borrower's affiliates.