William Vale Hotel sold, ending restructuring saga for property developer All Year Holdings
Categories: Capital Markets, Corporate and M&A
In another hospitality-sector bankruptcy sale, the iconic William Vale Hotel in Williamsburg, New York has been sold for USD177 million, concluding the nearly four-year restructuring of more than USD750 million of bonds issued by All Year Holdings Limited.
The transaction, which followed a three-year ownership restructuring and litigation process led by Asaf Ravid, Chief Restructuring Officer of All Year Holdings Ltd., resulted in full payment of all outstanding secured bonds.
The sale consummated the Chapter 11 Plan of Reorganization for Wythe Berry Fee Owner LLC, the fee owner and ground lessor of the luxury hotel property, which was represented by a
Herrick team led by partner and co-chair of Herrick’s Restructuring & Finance Litigation Department, Stephen Selbst, together with litigation partners Avery S Mehlman and Janice Goldberg, and Yariv Ben-Ari.
It marks the culmination of a long Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of New York.
Chapman served as U.S. counsel to Mishmeret Trust Company, working closely with Israeli counsel Gornitzky. Partner Michael Friedman, head of Chapman’s Israel Practice and leader of the Special Situations and Restructuring Group, led the Chapman team supported by partner and Litigation Group leader Dave Audley, partner Eric Silvestri, and associate Helena Honig.
Chapman previously served as U.S. counsel to Mishmeret in the sale of the Denzien, a 911-unit apartment complex in Brooklyn, which sold for over USD500 million in 2021.
