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Steven "Steve" Torkelsen represents clients in all aspects of commercial real estate, finance, leasing and corporate transactions. With over 15 years of experience serving as Vice President and Associate General Counsel of Starwood Hotels & Resorts Worldwide, one of the world’s largest and fastest-growing hospitality companies, he has extensive experience in a broad spectrum of sophisticated legal work, with particular emphasis in hotel, resort and other hospitality transactions. As a result of his years of in-house practice, Steve is able to provide C-suite clients and other business leaders worldwide with practical advice and analysis on all types of complex hotel finance, real estate, development, management, franchise, corporate and other transactions. Prior to joining Starwood Hotels, Steve spent nearly a decade in private practice, including several years with Day Pitney.
Successfully closed transactions of up to $1.5 billion with hotel developers, lenders, governmental authorities, resort owners and others, while representing client entities as seller, purchaser, borrower, lender, manager, franchisor and guarantor
Structured and negotiated entity sales, asset sales and other hotel/resort acquisitions and dispositions throughout U.S., Canada and Caribbean
Negotiated and closed an aggregate of over $1.2 billion in financings and refinancings for owned and joint venture hotels in North America
Oversaw negotiation of hospitality finance documentation to protect corporate managed portfolio, as well as comfort letters, cash management agreements and other finance contracts
Handled hospitality transactions involving mortgage loans, mezzanine loans, EB-5 financing, historic tax credits, ground leases, operating leases, public financing, mixed-use developments and other issues
Led establishment of global investment support program, driving footprint expansion by using corporate balance sheet to jump-start development growth for new-build hotels and conversions in Europe, Asia/Pacific and the Americas
Developed alternatives to key money through introduction of hotel operating guaranties, debt service guaranties, principal guaranties, mortgage loans, mezzanine financing and investments
In charge of all property-level joint venture hotel projects in U.S., Canada and the Caribbean
Structured and negotiated settlement agreements and multi-property modifications of hotel management agreements, franchise agreements, partnership agreements and loan documents