Fried Frank acted as counsel to Host Hotels & Resorts (Host Hotels) in connection with its US$442 million sale of the retail and theater condominium units of the New York Marriott Marquis in Times Square to Vornado Realty Trust. The sale includes 45,000 square feet of retail, the 1,611 seat Marquis Theatre, and the largest digital sign in New York with a 330-linear-foot, 25,000-square-foot display.
The sale concludes over a half-decade of Fried Frank representing Host Hotels at the project, with Fried Frank notably having advised Host Hotels in its 2012, 20-year lease with Vornado, which allowed Vornado to redevelop the retail and signage components of the hotel.
In 2013, Fried Frank advised Host Hotels in its acquisition of the hotel from Empire State Development, New York's chief economic development agency, pursuant to Host Hotel's exercise of its purchase option for the hotel.
Fried Frank also advised Host Hotels in its formation of the commercial condominium comprising separate units for the retail, Marquis Theatre, and the hotel, which Host Hotels continues to own following its sale of the retail and theatre units.
The Fried Frank team has included real estate partners Robert Sorin and Michael J. Werner, tax partner Richard A. Wolfe, and real estate associates Lindsey M. Dubb and Simon J. Elkharrat.