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.
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