Greenberg Traurig, P.A., represented 160 Royal Palm LLC in the May 15 sale of the Palm House condominium/hotel on the island of Palm Beach to LR PALM HOUSE LLC, a Delaware limited liability company, for $39.6 million in cash.
LR PALM HOUSE LLC is a subsidiary of London & Regional Properties, a London-based real estate investment firm with a $12 billion portfolio that specializes in resort and commercial developments worldwide.
The sale of the property, which is the subject of a chapter 11 bankruptcy petition, will result in approximately 80 investors and creditors – including the Town of Palm Beach – receiving a substantial portion of the money they are owed through a bankruptcy court-ordered sale of the company’s primary asset, according to Cary Glickstein, court-appointed manager and former court-appointed receiver for 160 Royal Palm LLC, the property owner.
The Greenberg Traurig team was composed by Marci H. Langley (Picture), Associate Charles J. Abrams, as well as Robert Siesholtz and Michelle Clapp of Chicago Title, Shareholder John B. Hutton III regarding the transaction.
Law Firms: Greenberg Traurig;
Clients: 160 Royal Palm;