Skadden, Gibson Aid Felcor In $115M Knickerbocker Hotel Buy

Law360, New York (February 1, 2012, 3:21 PM EST) -- FelCor Lodging Trust Inc. has acquired a 95 percent stake in Manhattan's Knickerbocker Hotel for $115 million from an affiliate of management company Highgate Holdings LLC in its latest efforts to rejigger its hotel portfolio, the real estate investment trust announced Wednesday.

Texas-based FelCor acquired the property at a 30 percent discount per square foot compared with recent similar transactions, it said. The hotel, which is currently gutted, will open in late 2013, and Highgate, which retains a 5 percent stake, will manage the property and...
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