Real Estate and Hospitality

Cravath represented Toll Brothers Finance Corp. in connection with its $500 million registered senior notes offering, fully guaranteed by Toll Brothers, Inc. and certain of its subsidiaries. Toll Brothers Finance Corp. is an indirect wholly owned subsidiary of Toll Brothers, Inc., which designs, builds, markets, sells and arranges financing for an array of luxury residential homes and communities. The transaction closed on June 10, 2025.

Cravath represented the underwriters in connection with the $1.1 billion registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc. (“CBRE”). CBRE is the world’s largest commercial real estate services and investment firm. The transaction closed on May 12, 2025.

Cravath represented Booking Holdings Inc. in connection with its €1.75 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 May 9, 2025.

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.

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.

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.

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: