Paul Hastings LLP, a leading global law firm, announced today that the firm advised Jynwel Capital, a Hong Kong-based investment firm, in its formation of a joint venture with a consortium led by The Witkoff Group (other members in the Witkoff-led consortium include New Valley LLC, Highgate Holdings, and Macklowe Properties). The joint venture acquired the Helmsley Park Lane Hotel from the Leona M. and Harry B. Helmsley Charitable Trust for $660 million. The acquisition was financed by Wells Fargo and Criterion Real Estate Capital. Paul Hastings represented the Jynwel/Witkoff venture in the financing transaction.
The venture plans to upgrade the 47-story hotel, which sits along Central Park South between Fifth and Sixth Avenues. The hotel will be managed by Highgate and rebranded as the Park Lane New York.
Real Estate partners Marty Edelman and Eric Landau led the Paul Hastings team, which also included associates Daniel Blaser, Heather Lockhart, Jeff Myers, Sharon Makowsky, and Lynn Feng.
