Real Estate and Hospitality

Cravath represented Booking Holdings Inc. in connection with its €1.9 billion registered senior notes offering and concurrent $750 million registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel-related reservation and search services. The transactions closed on May 11, 2026 and May 7, 2026, respectively.  

Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. The transaction closed on May 4, 2026.  

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2.5 billion revolving credit facility made available to Expedia Group, Inc., one of the world’s largest online travel companies. The transaction closed on March 27, 2026.

Cravath represented the underwriters in connection with the $2.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The notes were listed on The International Stock Exchange. The transaction closed on February 27, 2026.

On February 17, 2026, Kennedy‑Wilson Holdings, Inc. (“Kennedy Wilson”) and Fairfax Financial Holdings Limited (“Fairfax”) jointly announced that Kennedy Wilson has entered into a definitive agreement to be acquired, in an all cash‑transaction, by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, and certain other senior executives of Kennedy Wilson (collectively, the “KW Management Group”), together with Fairfax (collectively, the “Consortium”).

On January 29, 2025, Cravath partner Evan Norris participated in the American Conference Institute’s Cybersecurity Law and Compliance conference, which was held from January 29‑30 in Arlington, Virginia. Evan moderated a panel entitled “Lessons Learned from a Cyber Breach,” during which senior in‑house lawyers from leading retail, hospitality and financial services companies discussed their experiences and key lessons learned from handling significant cyber incidents.

On April 26, 2024, Cravath prepared a discussion of the recent final regulations on the qualification of REITs as “domestically controlled,” a common planning point for foreign investors in US real estate.