Real Estate and Hospitality

Cravath represented the underwriters in connection with the $148 million primary common stock offering of Stewart Information Services Corporation. Through its subsidiaries, Stewart Information Services Corporation provides title insurance and real estate transaction services. The transaction closed on December 12, 2025.

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. Proceeds of the offering will be used to repay borrowings under CBRE Group, Inc.’s commercial paper program used to finance CBRE Group, Inc.’s acquisition of Pearce Services, LLC. The transaction closed on November 13, 2025.

Cravath represented Booking Holdings Inc. in connection with its €1.5 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 7, 2025.

Cravath represented the underwriters in connection with the $1.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on October 1, 2025.

Cravath represented the sales agents in connection with the at-the-market offering of common stock totaling up to $750 million of Sabra Health Care REIT, Inc., a self-administered, self-managed REIT that owns and invests in real estate serving the health care industry. The transaction closed on August 5, 2025.

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.