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Joint Venture Fundamentals for the Hospitality Industry

The typical hotel branded as a "Marriott", "InterContinental", "Hyatt" or the like is almost always these days not owned by the company whose name it bears but by an investor or group of investors bound together in a joint venture. Hotel owners either have a license or franchise for the use of the brand or are managed by the hotel company that owns the brand and associated reservation system, operating manuals to assure quality standards and other proprietary assets and information used to form a coherent recognized national or international hotel chain.

These hotels are owned by a wide range of investors, from individuals operating within an LLC or Subchapter "S" Corporation that is typical for smaller "roadside" limited service hotels, to large institutional investors with professional asset managers for the larger full service luxury hotels, with all manner of variations in between. For years, brands (e.g., Marriott) have made modest investments into hotel owning companies, becoming minority shareholders or partners as a way to secure management contracts. With the change in economic climate and tighter constraints on funds, however, we now see the use of joint venture structure in wider contexts to advance the goals of various players. These ventures range from brands becoming more significant equity participants to private equity funds partnering with brands to acquire portfolio of hotels to globalization of hotel companies in which a joint venture is created across oceans. Regardless of whether it is one hotel or a group of hotels, the underlying tensions remain similar.

This OnDemand Webinar will explore the issues arising among the co-investors at the time they make their initial capital contributions - and the strategies, both for maintaining and exiting from the joint venture - they should consider. Competing objectives and varying financial capabilities of investors can result in different motivations, approaches and strategies. Let's check into these discussions and see how they are resolved in real-world scenarios presented by three experience lawyers with experience in hotel development, acquisitions and operations.


Runtime: 88 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Joint Ventures for the Hospitality Industry - Now?

  • Who Are the Players?
  • What Are the Underlying Motivations of the Players? What Are They Looking For?
  • What Each Player Offers to the Joint Venture?

Jumping in - What Are the Issues?

  • Risk Allocation - Who Bears What?
  • Day-to-Day - Who Does What?
  • How Are the Rewards of the Venture Reaped?

Getting out - What Are the Issues?

  • Can the Players Perform - If Not What Happens?
  • "Why Can't We Be Friends" - Exit Strategies?
  • Leverage - the Ultimate Decider?
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on July 26, 2011.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James A. Crolle, III

James A. Crolle, III

Hersha Hospitality Trust

  • Member of Eckert Seamans Cherin & Mellott, LLC
  • Practice focuses on corporate, commercial, franchise and securities matters, including mergers and acquisitions, joint ventures, financings, workouts, public-to-private transactions, and commercial real estate acquisitions and management agreements, particularly in the lodging and hospitality industry
  • Previously served as senior vice president and assistant general counsel for Interstate Hotels & Resorts, Inc. (NYSE:IHR until March 2010), where he oversaw the day-to-day operations of the legal department and coordinated legal advice for all of the company’s managed hotels
  • Before going in-house, he was a corporate associate with two large international law firms in Washington, D.C. where he gained a wide range of experience representing clients in such areas as mergers and acquisitions, corporate governance, franchise and securities law, including IPO’s
  • LL.M. degree in taxation, Georgetown University Law Center; J.D. degree, University of Buffalo School of Law; B.S. degree in business management, Cornell University
San San Lee

San San Lee

Law Offices of San San Lee

  • Founder of Law Offices of San San Lee
  • Concentrates in transactional practice and represents clients in real estate, hospitality and general business matters across the United States
  • Practice involves the negotiation and documentation of hotel management and joint venture transactions in the People’s Republic of China, India, the Caribbean, Latin America, the Middle East and Western and Eastern Europe
  • Formerly served as chair of the Executive Committee of the International Law Section, also served as newsletter editor, secretary and vice-chair; a board member of the Los Angeles Chapter of Lambda Alpha, a law and economics fraternity; and a co-chair of the Hospitality Committee of the Real Property Section of the American Bar Association
  • Wrote several articles on hospitality issues and regularly speaks on diversity and hospitality issues
  • Graduate of Claremont McKenna College and UCLA School of Law
Albert J. Pucciarelli

Albert J. Pucciarelli

McElroy, Deutsch, Mulvaney & Carpenter, LLP

  • Partner at McElroy, Deutsch, Mulvaney & Carpenter, LLP and chair of the Hotels and Resorts Practice Group
  • Practice is concentrated in the areas of hotel and resort development and operations, aviation law, general corporate law and real estate law
  • Director and officer of the Hospitality Industry Bar Association
  • Taught international business law as an adjunct professor at the Fordham University Graduate School of Business, and was member of that school’s Advisory Board, 1996-2004
  • Nationally recognized for his expertise in hotel and resort development and operations and 2010 winner of the Anthony G. Marshall Award
  • Given numerous presentations and written publications on topics related to his areas of expertise
  • J.D. degree, Fordham University School of Law; M.A. degree, Fordham University, Russian Studies; B.A. degree, summa cum laude and Phi Beta Kappa, Fordham College
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Product ID: 388205
Published 2011
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