Farella Braun + Martel Represents The Swig Company in the Sale of the Fairmont Chicago Hotel
San Francisco, CA (September 14, 2005) – Farella Braun + Martel announced today it has completed a major deal on behalf of The Swig Company, a private real estate investment and management company headquartered in San Francisco with a nationwide portfolio. The Swig Company has closed the sale of the landmark Fairmont Chicago Hotel to an affiliate of Strategic Hotel Capital Inc. for $154,650,000.
The AAA Four-Diamond hotel, located in the center of downtown Chicago adjacent to the city’s new 24-acre Millennium Park and Lakeshore East development, includes 62,000 square feet of function space including fourteen meeting rooms, and Aria Restaurant, the highly acclaimed dining room. The hotel was developed by The Swig Company in 1985 and is operated by Fairmont Hotels & Resorts.
Led by partner Greg Shean, the Farella Braun + Martel team included partners Frank Farella, Matt Lewis, Brian Donnelly and Said Kordestani, associate Benjamin Evans, and paralegal Mary Olson.
“We are very happy to have been a part of such a successful transaction for this prestigious property,” said Shean. “This sale is the culmination of well over a year’s work by our client and a talented team of Farella Braun + Martel attorneys. To complete such a complicated and multi-layered transaction like this one required tremendous coordination and teamwork.”
Commenting on the sale, Jeanne Myerson, President and Chief Executive Officer of The Swig Company, said, “The Chicago Fairmont is a tremendous asset and we are happy after many years of stewardship to pass it on to a dedicated and highly reputable hotel owner and operator. This sale marks our third successful major capital market transaction in the last three months and continues the strategic development of our national real estate investment portfolio.”
In July, Farella Braun + Martel represented The Swig Company in a joint venture with GMAC Institutional Advisors in the purchase of the Kaiser Center, a 900,000 square-foot mixed-use complex overlooking Lake Merritt that has long been one of Oakland’s premier addresses.
About Farella Braun + Martel LLP
Since its founding in 1962, Farella Braun + Martel has achieved a national reputation for the acumen of its business practice, the high profile cases of its complex commercial litigation practice and its prestigious client base. The San Francisco-based firm serves a diverse group of clients from multinational corporations to emerging businesses. The firm also has an office in the Napa Valley focused on the wine industry and related businesses.
Farella Braun + Martel’s Real Estate Department has handled the acquisition and disposition of billions of dollars worth of commercial properties in Northern California. Many of these transactions required the creation of sophisticated ownership structures, ground leases, tax planning, complex financing arrangements, and the resolution of significant environmental issues. Our Real Estate Department represents a full range of clients active in the real estate industry, including developers, public REITs, investors, lenders, vintners, hoteliers and asset managers.