Davis Polk advised Stockbridge Real Estate Funds in connection with a $300 million construction financing arranged by J.P. Morgan Securities LLC, as lead arranger, with Keycorp Real Estate Capital Markets, Inc., as administrative and disbursement agent, for the renovation and repositioning of the Sahara Hotel & Casino (to be renamed the SLS Hotel & Casino Las Vegas) by a joint venture between the Stockbridge Funds and an affiliate of SBE Entertainment Group, LLC.

Shearman & Sterling advised J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners in connection with a $2 billion five year revolving credit facility for News America Incorporated.

Private equity firm Centerbridge Partners announced today an agreement with P.F. Chang’s China Bistro Inc., a restaurant chain, to take the company private in a leveraged buyout deal valued at $1.1 billion. Global law firm Weil, Gotshal & Manges was counsel to Centerbridge on the transaction.

A New York law firm has hired partner Stuart M. Saft to direct the firm’s real estate practice.