May 20th, 2024
1:00 PM - 2:30 PM EDT
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE course will cover the negotiation and structure of permit and license clauses in hotel purchase sale agreements, with an emphasis on liquor licenses. Our panel will discuss pitfalls in drafting and high priority considerations for practitioners addressing the transfer of liquor licenses and permits as part of a hotel's change in ownership.
Description
Efficient hotel purchase and sales require thoughtful drafting of the agreement and considerable due diligence by the buyer and the seller. Often, however, inadequate consideration is given to the language transferring the necessary licenses and permits that allow the new owner's lawful operation of the venture.
Most practitioners are aware of the strict regulatory environment that governs the issuance and transfer of liquor licenses for hospitality businesses and the wide variations between jurisdictions. Failure to consider specific jurisdictional processes when applying for license and permit transfers can cause otherwise competent counsel to unwittingly allow clients to violate the law by conducting business without the required interim licenses and permits for continued operations immediately post-closing.
Paying careful attention to the clauses addressing the potential gaps can mean the difference in whether a deal pencils out or falls apart.
Listen as our panel of seasoned real estate and alcohol beverage regulatory attorneys discusses how to draft tight permit and license clauses that help clients avoid costly pitfalls in negotiating and closing hotel purchase and sale agreements.
Outline
- Overview of hotel PSAs
- Permit and license clauses
- Crucial terms
- Interplay with other contract provisions
- Timing issues
- Regulatory considerations
- Jurisdictional considerations
Benefits
The panel will review these and other high priority issues:
- How can counsel use permit and license clauses to avoid potentially deal-killing errors and delays?
- What impact does the hotel management agreement have on the terms of permit and license clauses?
- What are the red flags for counsel in discussions with clients regarding licenses and permits? What steps can counsel take to resolve those issues efficiently?
FACULTY
CLE Credits by State
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
SEE CLE STATE MAP >>
