Greenspoon Marder Acts As Lead Counsel For Westgate Resorts Largest Securitization Deal

Jul 15, 2020

Orlando, FL – July 15, 2020 – Greenspoon Marder LLP acted as lead counsel for Westgate Resorts, Ltd. and its affiliates (“Westgate”) in connection with a $275mm securitization of mortgage-backed timeshare receivables. The transaction closed on July 10, 2020. The transaction was completed in five (5) weeks in the middle of the COVID-19 global pandemic, which directly affects the travel and hospitality industries. The deal is Westgate’s largest securitization to date and its first since April 2018.

This is the first hospitality or timeshare deal rated by DBRS since the beginning of the pandemic. There were twenty-two (22) distinct investors in the deal, with eleven (11) of them investing with Westgate for the first time. The transaction involved approximately 30,000 individual timeshare notes emanating from seventeen (17) Resorts in seven (7) states.

Greenspoon Marder was responsible for all of the legal work on behalf of Westgate, including working with attorneys from various law firms on Westgate’s behalf, as well as attorneys representing the initial purchaser, the indenture trustee, the custodian, the backup servicer and others. The Greenspoon Marder team included Michael Marder, Heidi Boyles, Leonard Lubart, Ellen Gilmore, Robert Wessely and James Guadiana.

“The ongoing global pandemic has significantly impacted millions of businesses around the world. We are pleased to assist our client in positioning them to deal with the challenges facing the travel and hospitality industries,” comments co-managing director, Michael Marder.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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Greenspoon Marder Acts As Lead Counsel For Westgate Resorts Largest Securitization Deal

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