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Real Estate, Gaming & Lodging

Greenhill has considerable transaction experience and a global network of corporate relationships in the Real Estate, Gaming & Lodging sector.  Our managing directors and professionals in North America, the United Kingdom, Continental Europe, Australia and Japan have executed many of the most significant and complex transactions for some of the leading companies in the industry.

Our experience in the Real Estate industry encompasses the following sub-sectors: REITs; real estate finance and investment; lodging; leisure; and gaming.

Below we highlight a few of the transactions on which we have advised in this area:

DATE $   COMPANY/ASSET ACQUIRED   ACQUIROR
27-Jun-2014
Pending
$11 billion+ TUI Travel Plc
Advising TUI AG on the merger with TUI Travel Plc creating the world’s number one integrated leisure tourism business (+Transaction value represents enterprise value of combined entity)
TUI AG
15-Apr-2014
NA MGM Hakkasan Hospitality
Advised MGM Resorts International on the formation of a joint venture hotel management company with the Hakkasan Group called MGM Hakkasan Hospitality that will design, develop and manage luxury non-gaming hotels worldwide
 
10-Jan-2014
$144 million Residential property portfolio of Grainger plc
Advised Grainger plc on the sale of a portfolio of 1,203 residential home reversion properties located across the UK to Clifden Holdings Limited
Clifden Holdings Limited
01-Apr-2013
NA Morgans Hotel Group
Advised the Special Transaction Committee of the Board of Morgans Hotel Group on the transfer of its ownership interests in Delano South Beach and The Light Group to The Yucaipa Companies in exchange for the cancellation of certain securities held by Yucaipa (debt, preferred stock and warrants) together with a $100 million rights offering backstopped by Yucaipa
 
26-Nov-2012
$16 billion Archstone Enterprise LP
Advised AvalonBay on its joint acquisition with Equity Residential of the assets and liabilities of Archstone Enterprise LP, an owner of high-quality apartment communities in major markets in the United States, from Lehman Brothers Holdings
AvalonBay Communities & Equity Residential
16-May-2012
$1.5 billion Peninsula Gaming, LLC
Advised Boyd Gaming Corporation, a leading gaming operator in Nevada, the Midwest and South, on the acquisition of Peninsula Gaming, a casino operator of five properties in Kansas, Iowa and Louisiana
Boyd Gaming Corporation
19-Dec-2011
$1.6 billion The Miller Group
Advised The Miller Group, the UK’s largest private homebuilder, on the recapitalization of its balance sheet comprising a substantial new equity capital raising and a significant debt for equity swap
 
26-Oct-2011
$2.2 billion PGM Holdings K.K. (majority owned by Lone Star Funds)
Advised Heiwa Corporation, a leading provider of pachinko amusement machines, on the tender offer to acquire 80.5% of PGM Holdings K.K., one of the largest golf club owners and operators in Japan, including 64.2% Lone Star Funds’ holding
Heiwa Corporation
30-Jun-2011
$1.7 billion Minerva plc
Advised Minerva plc, a property investment and development company, on a recommended offer from a consortium consisting of AREA Property Partners and Delancey Real Estate Asset Management
Jupiter Properties (owned by AREA Property Partners and Delancey Real Estate Asset Mgmt)
16-Jun-2011
$288 million Imperial Palace Casino Resort and Spa
Advised Boyd Gaming Corporation, a leading gaming operator in Nevada, the Midwest and South, on the acquisition of Imperial Palace Casino Resort and Spa in Biloxi, Mississippi
Boyd Gaming Corporation
26-May-2011
$192 million Centrebet International Limited
Advised Centrebet International, a leading International online wagering and gaming operator on the recommended cash offer by Sportingbet plc
Sportingbet plc
09-Nov-2010
$27.0 billion General Growth Properties Inc.
Advised the 2006 Credit Facility Lenders, the largest class of unsecured debt with claims in excess of $2.8 billion, in connection with the Chapter 11 proceedings of mall REIT GGP, which resulted in cash payoff of the facilities in full
 
23-Sep-2010
$394 million Aevum Ltd.
Advised Aevum Limited, an ASX listed owner, operator and developer of retirement villages and aged care facilities on its response to a hostile takeover offer from Stockland Ltd, a global property development and investment management group
Stockland Corp. Ltd
10-Jun-2010
$580 million Tishman Speyer Washington D.C. Portfolio
Advised term loan and credit facility lenders to the Tishman Speyer partnership holding a portfolio of 28 office buildings in Washington D.C. and the surrounding area on a restructuring which resulted in payoff of the facilities in full
 
10-Mar-2010
$576 million Camelot Group plc
Advised the shareholders of Camelot – Cadbury, De La Rue, Fujitsu, Royal Mail and Thales – on the sale of their shareholdings in Camelot, the operator of the UK National Lottery, to Ontario Teachers’ Pensions Plan
Ontario Teachers’ Pensions Plan
08-Jan-2010
$134 million Minerva plc
Advised Minerva plc, a UK real estate development company, on its successful defence following an unsolicited offer from KiFin Limited, a company that makes investments for the benefit of Mr Nathan Kirsh
KiFin Limited
08-Oct-2009
$455 million Ladbrokes Plc
Acted as Joint Financial Adviser to Ladbrokes plc, a leading UK based betting and gaming company, on its rights issue
 
16-Nov-2007
$203 million Oakland Mall LLC
Advised the Kogan Family on the sale of Oakland Mall, a regional shopping mall in Troy, Michigan anchored by JC Penney, Sears and Macy's
California State Teachers' Retirement System and Urban Retail Properties
05-Nov-2007
$3.4 billion American Financial Realty Trust
Advised American Financial Realty Trust, a real estate investment trust that acquires properties from and leases properties to regulated financial institutions, on its sale to Gramercy Capital Corp., a commercial real estate specialty finance company
Gramercy Capital Corp.
04-Jun-2007
$2.9 billion Slough Estates USA (subsidiary of Slough Estates plc)
Provided oversight of the process and an informal second opinion to the senior management of Slough Estates plc
Health Care Property Investors
22-May-2007
$6.5 billion Crescent Real Estate Equities Company
Advised Crescent Real Estate Equities Company, a REIT holding a diversified portfolio of office properties, hotels and resorts and luxury residential developments on its sale to Morgan Stanley Real Estate
Morgan Stanley Real Estate
10-Aug-2006
NA Forest City Ratner
Advised Forest City Enterprises, Inc. on the restructuring of its business relationship with its New York City affiliate Forest City Ratner
Forest City Enterprises Inc.
03-Aug-2006
$6.0 billion Reckson Associates Realty Corporation
Advised the independent directors of Reckson, a real estate investment trust specializing in properties located in New York City and the surrounding Tri-State area, on the sale of Reckson to SL Green
SL Green Realty Corporation
06-Jan-2006
$164 million Acadia Realty Trust (selected assets)
Advised GDC Properties on its acquisition of a 77.8% interest in a one million square foot Wilmington, Delaware shopping center portfolio previously held by institutional investors in Acadia Realty Trust Fund I
GDC Properties
29-Aug-2004
$3.8 billion LNR Property Corporation
Advised the Special Committee of the Board of Directors and the Board of Directors of LNR Property Corporation, one of the US’ leading real estate investment, finance and management companies, on its sale to Cerberus Capital Management, L.P. and its real estate affiliate, Blackacre Institutional Capital Management, LLC
Cerberus Capital Management, L.P.
11-Oct-2001
$1.3 billion Regal Cinemas, Inc.
Advised Regal Cinemas, the largest theatre chain in the United States, on its prepackaged bankruptcy plan and acquisition by The Anschutz Corporation
The Anschutz Corporation
10-Aug-2000
$750 million Radisson Group, Inc. (subsidiary of Carlson Companies, Inc.)
Advised Carlson Companies, Inc., the owner of the Radisson Hotels brand, on the formation of a $750 million Radisson Hotel acquisition fund, Radisson-Olympus Capital Partners.
Olympus Real Estate Fund (Hicks, Muse)
16-Jun-1999
$2.5 billion TriNet Corporate Realty Trust, Inc.
Advised TriNet on a stock for stock merger with Starwood Financial, creating a leading player in the specialty real estate finance area
Starwood Financial Trust
14-Apr-1999
$1.3 billion Berkshire Realty Company, Inc.
Advised investor group led by Berkshire Realty Chairman, Goldman Sachs and The Blackstone Group on the buyout of Berkshire Realty, a multi-family REIT that owns 82 apartment communities located in Florida, Texas and the Mid-Atlantic and Southeastern U.S.
Berkshire Chairman, Goldman Sachs and The Blackstone Group
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Case Study
M&A:
VF Corporation
VF Corporation
Greenhill advised VF Corporation, a leading global branded apparel and footwear company, on its $2.
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