Squire Patton Boggs is delighted to have advised PASHA Real Estate Group on its first ever investment into the United States.
PASHA Real Estate - a part of PASHA Holding specializing in the investment, development, strategic management, and operation of high-quality real estate assets - has taken a majority stake in a new destination resort project in collaboration with U.S.-based high-end hospitality development company Nolan Reynolds International (NRI) and UAE luxury resort operator Kerzner International (Kerzner).
The project is an ultra-luxury One&Only resort in Hyde Park, located just 90 minutes from Manhattan, comprising 61 cabins, rooms and suites, as well as 54 private residences, all on an 8.5-hectare/21-acre site owned by the Culinary Institute of America (CIA) on the banks of the Hudson River.
The gated community is planned to open in 2028 and will feature dining concepts and culinary experiences in partnership with the CIA, the world's most prestigious culinary institution, as well as a “longevity hub” in partnership with Clinique La Prairie, a world-renowned luxury longevity clinic.
Richard Gibbon, Managing Partner of Squire Patton Boggs’ Baku office said, “We are incredibly proud to have advised PASHA Real Estate on its successful first venture into the U.S., which is now a sixth country of operations for PASHA Real Estate, and look forward to counselling them and other PASHA Holding companies on many more successful investments as the group advances its global strategy.”
“PASHA Real Estate is overjoyed to be adding the U.S. to our portfolio of properties spanning Azerbaijan, Georgia, Montenegro, Türkiye and Uzbekistan,” said Elchin Gadimov, PASHA Real Estate’s CEO of International Projects. “Developing this project alongside trusted partners NRI and Kerzner has been an honor that we all believe will set a new benchmark for the meaning of ultra luxury.”
Özgür Geter, CEO of PASHA Real Estate said, “This milestone reflects PASHA Real Estate’s ambition to grow as an international platform for high-quality real estate investment and development. By engaging with leading global partners on projects such as this, we are not only expanding our international footprint but also bringing world-class expertise and best practices to Azerbaijan’s real estate sector.”
“It was a real pleasure working with Rich and the fantastic team at Squire Patton Boggs,” added Levent Kirazoglu, PASHA Real Estate’s Chief Investment Officer.
Corporate partner Matthew Powell, who led the deal team for Squire Patton Boggs added, “This deal is a great example of how Azerbaijani capital can be put to work on a global platform in a quick and sophisticated manner.”
Mark Ruehlmann, the firm’s Chairman, and Steve Mahon, the firm’s Global Managing Partner, concluded, “The recent launch of our Baku office has been a great success, and this mandate demonstrates the value that our global platform can deliver to Azerbaijani and other regional clients with international ambitions.”
For more information on Pasha Real Estate, please see here: https://pasharealestate.az/.
For more information on Squire Patton Boggs’ Baku office, please see here: https://www.squirepattonboggs.com/locations/baku/.
