Kutak Rock Serves as Bond Counsel and Disclosure Counsel in Connection with $399 Million Hotel Acquisition ProjectNews | April 25, 2022
Kutak Rock served as bond counsel and disclosure counsel in connection with the issuance by the Public Finance Authority of its $183,355,000 Hotel Revenue Bonds (Grand Hyatt San Antonio Hotel Acquisition Project) Senior Lien Series 2022A, its $196,830,000 Hotel Revenue Bonds (Grand Hyatt San Antonio Hotel Acquisition Project), Subordinate Lien Series 2022B, and its $18,565,000 Hotel Revenue Bonds (Grand Hyatt San Antonio Hotel Acquisition Project) Junior Lien Series 2022C on April 20, 2022.
The Series 2022 Bonds were issued for the purpose of financing the costs of acquiring the Grand Hyatt San Antonio, an existing full-service, convention center hotel with 1,003 guest rooms, by an affiliate of Community Finance Corporation, an Arizona nonprofit corporation and a 501(c)(3) organization formed for the purpose of lessening the burdens of government. The Grand Hyatt San Antonio, located along the historic, world-famous River Walk in San Antonio, Texas, is managed by Hyatt Corporation and operates as the convention center headquarters hotel for the Henry B. González Convention Center. Ownership of the Hotel will transfer to the City of San Antonio upon the retirement of the Series 2022 Bonds.