Haynes and Boone Advises Hyatt on Purchase Of Premier Mexico City Hotel in Polanco
A team of Haynes and Boone, LLP attorneys from three offices advised Hyatt Hotels Corporation in the just-closed acquisition of the 756-room Hotel Nikko Mexico for approximately $190 million from Japan-Mexico Hotel Investment Co., Ltd.
Hyatt is rebranding the hotel as Hyatt Regency Mexico City and will invest about $40 million in a three-year renovation to strengthen the hotel’s competitive position as the preferred Mexico City business and leisure hotel. There are 488 Hyatt-branded properties in 45 countries worldwide as of March 31.
The Haynes and Boone attorneys, led by Mexico City Partner Antonio Diez de Bonilla, assisted Hyatt with U.S. and Mexican matters related to this acquisition, including due diligence, review and negotiation of stock purchase agreement and ancillary agreements, antitrust clearance, verification of compliance with closing conditions and covenants, and closing.
“We are delighted to have been able to bring a broad range of our firm’s talent to this important project for Hyatt,” said Diez de Bonilla. “With this acquisition and rebranding, Hyatt Regency will be wonderfully positioned as the premier destination hotel in Mexico City’s most desirable Polanco area.”
Attorneys from the firm’s Mexico City, Dallas and New York offices took part in the Hyatt effort. They included Mexico City partners Luis Moreno and Hunt Buckley, along with Mexico City associates Gerardo Carrillo, Cesar Ramirez, Antonio Salazar and Raul Jimenez; Dallas partners John McGowan, Paul Amiel and Tom Harris; and New York Of Counsel Jonathan Pressment.
Haynes and Boone is one of the most active U.S. law firms operating in Mexico with a growing list of both international and Mexican clients. It is among the largest U.S. firms operating in Mexico and has been serving clients in both Mexico and the U.S. for more than 15 years. Its fully bilingual and bi-cultural Mexico City office has legal professionals licensed in both Mexico and the U.S. and trained in both legal systems.
Hyatt Regency Mexico City will have 734 rooms after combining some of the existing rooms into suites. The hotel’s amenities will include approximately 30,000 square feet of meeting and event space, two signature Japanese restaurants, a three-meal restaurant and lobby bar, a business center, a fitness center, tennis courts, and a pool. This summer, the hotel will complete an extensive six-year renovation program that includes the complete refurbishment of all the guestrooms as well as the two Japanese restaurants.
Hyatt-branded hotels currently open in Mexico are Hyatt Regency Cancun, Hyatt Regency Merida, and Hyatt Regency Villahermosa. Worldwide, more than 40 Hyatt-branded hotels opened in 2011 and Hyatt currently has executed contracts for 170 new hotels under development around the world.