Morgans Hotel Group Completes Sale of Parmount Hotel
NEW YORK (July 23, 2004) — McDermott Will & Emery represented Morgans Hotel Group (formerly Ian Schrager Hotels) in its sale of Paramount Hotel in New York City to Becker Ventures, a private investment company. Becker Ventures plans to renovate the property and operate it as a Hard Rock hotel and restaurant.
Led by New York partner Keith Pattiz, the McDermott team included partner Elias Eliopoulis. The transaction, which included a tax sensitive deal structure included the retention of a 10% interest by Morgans Hotel Group.
