Securities broker-dealer registration requirements and hiring U.S. and Non-U.S. brokers
How EB-5 Regional Centers and Sponsors Can Evaluate Broker-Dealer, Investment Company and Investment Adviser Registration Requirements under U.S. Securities Laws
Opinion Articles
Hotel Lawyer looking at the EB-5 program
Over the past 5 years, JMBM's team has helped clients with more than 40 EB-5 projects all over the U.S. The program is more popular than ever and the standards continue to rise for sponsors who want to advantage of this funding technique.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
Comfort Letters - Comfort for Whom?
If you are buying, building or refinancing a hotel, you'll almost certainly be looking to a bank or other lender to finance the hotel, and when you do, you'll need to negotiate dozens of documents, some long, some short, but all of them necessary to get your loan. In other articles, we have talked about the importance of subordination, non-disturbance and attornment agreements (SNDAs). SNDAs are used in the context of a hotel management agreement (HMA) -- usually only long-term branded HMAs -- to define the rights of lenders vis a vis the hotel operator in the event of the owner's/borrower's loan default, breach of the HMA, foreclosure by the lender or a deed-in-lieu of foreclosure.
By Robert Braun, Partner, Jeffer Mangels Butler & Mitchell, LLP, JMM
"Chain" versus "Independent" - A View from an Operator of Independent Hotels
In recent years, the topic of "brand versus independent" has become increasingly popular. Every industry conference has a panel titled the same, numerous articles - and blogs - are being written on the topic by every publication, HotelNewsNow recently launched a newsletter dedicated to independent hotels, the inaugural Independent Lodging Congress took place in Philadelphia in late 2013 focused on gathering the owners and operators of independent hotels, and if that were not enough, numerous high profile "de-flagging" lawsuits have certainly highlighted the topic. While it is hard to attribute the peaking interest on this topic to only a few things, clearly owners are questioning the cost/benefit of a chain affiliation, internet distribution and marketing have dramatically leveled the playing field over the past 10 years, customer loyalty is not what it used to be and consumer preferences are certainly evolving.
By Alex Cabanas, CEO, Pyramid Global Hospitality
Interviewing Omer Kaddouri - Chief Executive Officer (CEO) of Rotana
Omer Z. Kaddouri was the Executive Vice President and the Chief Operating Officer of Rotana at the time of this interview. Now, he has been appointed Chief Executive Officer of Rotana. Omer is an energetic and a demanding boss. He takes pride in the fact that he is fair and a people manager. Born to an Iraqi father and a British mother, Omer Kaddouri grew up in the Middle East and learned Arabic in his youth. His mixed family exposed him to various cultures which gave him a great advantage throughout his career, and he is proud of it.
By Dr. Lily Lin, Author of "Interviewing Successful Hotel Managers", Lin & Pavelson B.V.
Eternal rival
Old England did a successful publicity stunt. London is strutting about on the radio waves and in the gazettes boasting first place as world tourism capital with 16 million international visitors, ahead of Paris, Bangkok and New York. TYPO3SEARCH_begin CONTENT ELEMENT, uid:72857/text [begin] Text: [begin]
By Georges Panayotis, President & Founder of MKG Group & Hospitality ON, Hospitality ON
5 Things to Keep in Mind When You Look for a Hotel Operator
As the economy and the hotel industry fundamentals continue to improve, hotel values have recovered to pre-recession levels in many of the top 35 hotel markets, the number of hotel transactions has jumped and new capital is pouring into hotels. This new capital -- whether focused on new, ground-up development, or the purchase of neglected assets with a view to deep renovation and rebranding -- is increasingly seeking new brands and management for their hotels. We have not seen this many people looking for a great operator and a fair hotel management agreement in many years!
By Robert Braun, Partner, Jeffer Mangels Butler & Mitchell, LLP, JMM
Buying Or Building A Golf Course, Due Diligence Is Key
Golf courses are back in popularity -- for play, purchase and sale, and development. Whatever your involvement, you will likely find today's article by my partner Guy Maisnik to be interesting and helpful in avoiding unnecessary losses.
By Guy Maisnik, Partner, Vice Chair, Global Hospitality Group®, JMM
Keeping Track of Changes in Hospitality Law
While it may have been the least productive year for Congress in history, at least in terms of passing laws – fewer than 60 of which made it through the House and Senate and were signed by President Barack Obama, state lawmakers across the US were busy getting more than 40,000 bills passed including ones that tackle everything from drones to minimum wage to food stamp benefits.
Warning for hotel investors considering golf courses: Golf courses are different! They have different risks and require different skill sets
Hotel investors suddenly seem to be buying or building more golf courses. With the right expectations and circumstances, golf courses can make sense -- particularly as an amenity for hotels, residential development and other real estate. But as more hospitality clients look at golf courses, it seems appropriate to consider the drivers of this renewed interest, and some of the similarities golf courses share with other hospitality investments such as hotels. And finally, we want to look at some of the big factors that make golf courses very different from other hospitality investments, so you can avoid some unnecessary pitfalls.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
Hotel Lawyer: Surge of activity creates new management agreement opportunities
These are getting to be pretty exciting times to be in the hotel business. Hotel industry fundamentals have continued to improve since the Great Recession and none of the experts see a particular event or reason that fundamentals will stall. Although occupancy growth rate is slowing in some sectors, ADR growth generally continues to drive greater profits to the bottom line.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
“The Times They Are a-Changin'” (again) Part 2 of 2
Hotels serve large numbers of people of all socio-economic groups, races, genders and interests and we are often at the center of the action. As I mentioned two weeks ago, our changing times means embracing open discussion, preparing contingency plans and working with to properly handle those changing needs in changing times.
Rethink Your Strategy Before It Rethinks You
In many hotel management companies, September and October mark the beginning of the budgeting process for the next year. But before you start your budgeting, you might be well served to review and update your Strategic Plan.
How To Protect Your Proprietary Information From Employees
Hotel Lawyer on technology challenges to your proprietary and sensitive corporate information. The continuing advances of technology continue to present a double edged sword. On the one edge are tremendous cost savings, efficiencies and power to manage information. On the other edge are daunting issues of information security and privacy.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
To Brand or Not To Brand (your hotel)
One of the first decisions in the hotel development or acquisition process can have a lasting impact on the success of the project: whether the property should be branded, and whether that brand should manage the property. The hotel's brand will be a defining part of the profitability, image and value of the hotel, and there may be no other decision which has a greater effect on the future of the property. Similarly, the management of a hotel can enhance the value of the brand, protect the owner, or detract from the value of the hotel -- by as much as a 50% swing.
By Robert Braun, Partner, Jeffer Mangels Butler & Mitchell, LLP, JMM
Hotel owners: How the appellate decision in Marriott International v Eden Roc can affect your hotel investment
As we reported in our 27 March 2013 blog, a New York Appellate Division court made it possible for the owners of the Eden Roc Renaissance hotel in Miami Beach to oust Marriott as its operator -- despite the long-term hotel management contract between the two, which would have lasted another 43 years. (See "Marriott loses appeal in Eden Roc case: Why all long-term hotel management agreements are now terminable.")
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
Why all long-term hotel management agreements are now terminable
Under a New York Appellate Division court decision issued March 26, 2013, virtually all hotel management agreements are now terminable at will by owners. And this result will obtain even against the Marriott-style management agreements that seek to avoid an "agency" characterization of the owner-operator relationship.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome
Hotel Management Agreements: Key Business Terms at the LOI Stage
Is an LOI legally binding? The general rule: look to the language of the LOI to determine if the parties intend to be bound to all or some portions of the LOI. Most litigation regarding the enforceability of LOIs arises because the parties did not clearly reflect their intention concerning enforceability. This is particularly so if the LOI contains the material provisions of a contemplated transaction and there is no unequivocal expression of the intent of the parties to the contrary.
21 Hotel Waterpark Resorts Opened in 2012 in USA
For the parents of young children and hotel-resort owners, 2012 was a good year, not a great year, but a good one for hotel waterpark resorts. Twenty-one (21) waterparks opened in the USA during 2012 compared to 27 in 2011, 20 in 2010 and the record high of 40 in 2007. While money is just beginning to loosen up for families and hotel developers, new hotel construction is still rather flat, but resort acquisitions and expansions are rising.
By Jeff Coy, ISHC, President of JLC Hospitality Consulting, JLC Hospitality Consulting, Inc.
Hotel Lawyer On Adding A Hotel To Shopping Centers And Malls
The ULI program held on February 20, 2013 in JMBM's Los Angeles offices was a great success. The program title says it all -- "Back to the Future: The Renaissance of Hotel-Retail Mixed-Use." As one might expect for a ULI event on a timely topic like this, there was a capacity crowd, sharing of the latest "technology" in adding hotels to shopping centers, and a veteran team of presenters.
By Jim Butler, Partner & Co-Chair Hospitality Practice, Blank Rome LLP, Blank Rome