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Cravath’s London Office Moves to 100 Cheapside

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Industries

Real Estate and Hospitality

Real Estate and Hospitality

Cravath has significant experience advising developers, operators, owners, investors and lenders around the world on sophisticated transactions and complex disputes in the real estate and hospitality industries.

We advise our real estate and hospitality clients on a broad range of matters, including acquisitions; dispositions; joint ventures; antitrust litigation and advice; complex contract and commercial disputes; investigations; shareholder derivative actions; financings; and restructurings. Our lawyers also handle matters involving REITs and major domestic and international real estate investment funds.

Cravath’s experience spans the full spectrum of real estate and hospitality companies, from local operators to multinational corporations, as well as asset classes, including building and construction, commercial, residential, industrial and recreational properties in addition to hotels, casinos, restaurants and resorts.

We advise our real estate and hospitality clients on a broad range of matters, including acquisitions; dispositions; joint ventures; antitrust litigation and advice; complex contract and commercial disputes; investigations; shareholder derivative actions; financings; and restructurings. Our lawyers also handle matters involving REITs and major domestic and international real estate investment funds.

Cravath’s experience spans the full spectrum of real estate and hospitality companies, from local operators to multinational corporations, as well as asset classes, including building and construction, commercial, residential, industrial and recreational properties in addition to hotels, casinos, restaurants and resorts.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

March 07, 2025

Expedia Group, Inc.’s $1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Expedia Group, Inc., an online travel company. The transaction closed on February 21, 2025.

Deals & Cases

February 24, 2025

Bridge Investment Group’s $1.5 Billion Acquisition by Apollo

On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

Deals & Cases

December 19, 2024

TUI Cruises GmbH’s High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the €375 million 144A/Reg. S high‑yield senior notes offering of TUI Cruises GmbH, a leading German cruise operator. The notes were listed on The International Stock Exchange. The transaction closed on November 27, 2024.

Deals & Cases

December 13, 2024

Groupe Dynamite, Inc.’s IPO

Cravath represented the underwriters, as U.S. counsel, in connection with the approximately C$313.6 million Rule 144A/Reg. S initial public offering of subordinate voting shares of Groupe Dynamite, Inc., a fashion house that operates retail stores and e‑commerce platforms under two complementary and spirited banners: Garage and Dynamite. The shares were listed on the Toronto Stock Exchange. The transaction closed on November 26, 2024.

Deals & Cases

October 25, 2024

L&G’s Investment in Taurus Investment Holdings

On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.

Activities

January 30, 2025

Evan Norris Moderates Panel at ACI’s Cybersecurity Law and Compliance Conference

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.

Publications

April 30, 2024

Treasury Finalizes Look‑Through Rule for Domestically Controlled REITs

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.

Firm News

August 14, 2023

Cravath Advises on Nine Announced M&A Deals in Two‑Week Period

Between July 28 and August 11, 2023, Cravath advised on nine announced deals, including seven deals in a span of three business days. Cravath is representing:

Activities

June 06, 2023

Financial News Names Philip Boeckman to 2023 List of Most Influential Lawyers

On May 21, 2023, Cravath partner Philip J. Boeckman was named to Financial News’ third annual “Fifty Most Influential Lawyers” list, which recognizes “the leading legal minds working in Europe on corporate deals.” The feature described Philip as having “a long and successful track record advising clients on initial public offerings, leveraged financings and other equity offerings.” The publication also highlighted his representation of HDFC Bank as U.S. counsel in its $40 billion merger with HDFC Limited, India’s largest‑ever M&A deal at the time of announcement, and of the European Investment Bank in its $4 billion registered notes offering of a Sustainability Awareness Bond.

Deals & Cases

March 07, 2025

Expedia Group, Inc.’s $1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Expedia Group, Inc., an online travel company. The transaction closed on February 21, 2025.

Deals & Cases

February 24, 2025

Bridge Investment Group’s $1.5 Billion Acquisition by Apollo

On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

Deals & Cases

December 19, 2024

TUI Cruises GmbH’s High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the €375 million 144A/Reg. S high‑yield senior notes offering of TUI Cruises GmbH, a leading German cruise operator. The notes were listed on The International Stock Exchange. The transaction closed on November 27, 2024.

Deals & Cases

December 13, 2024

Groupe Dynamite, Inc.’s IPO

Cravath represented the underwriters, as U.S. counsel, in connection with the approximately C$313.6 million Rule 144A/Reg. S initial public offering of subordinate voting shares of Groupe Dynamite, Inc., a fashion house that operates retail stores and e‑commerce platforms under two complementary and spirited banners: Garage and Dynamite. The shares were listed on the Toronto Stock Exchange. The transaction closed on November 26, 2024.

Deals & Cases

October 25, 2024

L&G’s Investment in Taurus Investment Holdings

On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.

Activities

January 30, 2025

Evan Norris Moderates Panel at ACI’s Cybersecurity Law and Compliance Conference

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.

Publications

April 30, 2024

Treasury Finalizes Look‑Through Rule for Domestically Controlled REITs

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.

Firm News

August 14, 2023

Cravath Advises on Nine Announced M&A Deals in Two‑Week Period

Between July 28 and August 11, 2023, Cravath advised on nine announced deals, including seven deals in a span of three business days. Cravath is representing:

Activities

June 06, 2023

Financial News Names Philip Boeckman to 2023 List of Most Influential Lawyers

On May 21, 2023, Cravath partner Philip J. Boeckman was named to Financial News’ third annual “Fifty Most Influential Lawyers” list, which recognizes “the leading legal minds working in Europe on corporate deals.” The feature described Philip as having “a long and successful track record advising clients on initial public offerings, leveraged financings and other equity offerings.” The publication also highlighted his representation of HDFC Bank as U.S. counsel in its $40 billion merger with HDFC Limited, India’s largest‑ever M&A deal at the time of announcement, and of the European Investment Bank in its $4 billion registered notes offering of a Sustainability Awareness Bond.

Cravath Bicentennial

Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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