The Firm is representing Blackstone Real Estate Partners VIII L.P. in connection with its entry into an agreement to form a joint venture with Hilton Grand Vacations (“HGV”) to purchase Elara, a Hilton Grand Vacations Club. HGV will continue to market, sell and manage Elara under existing fee-for-service agreements.
Hilton Grand Vacations Inc. (NYSE: HGV), headquartered in Orlando, Fla., is a leading global timeshare company that develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations.
Elara, containing 1,201 units and four penthouse floors with more than 82,000 square feet, is located on East Harmon Avenue in Las Vegas and was opened in 2009 as the largest, single timeshare resort in the world. The property also has adjoining access to the Miracle Mile Shops, which offer more than 200 stores and restaurants.
The Simpson Thacher team includes Sas Mehrara, Whitney Salinas, Jake Vadeboncoeur, Natalie Winkelman, Brittany Baclawski and Michael Gajewsky (Real Estate); Ben Schaye, Jay Yu and Robert Kelley (M&A); Nancy Mehlman and Michael Badain (Tax); Jeanne Annarumma and Sanyam Parikh (ECEB); Rajib Chanda, Peter Vassilev and Drew Harmon (Funds); and Cecillia Xie (IP).