Seyfarth Advises Breakwater on Baxter Hotel Restoration and Joint Venture with Noble House Hotels & Resorts

Seyfarth Shaw LLP advised Breakwater on the restoration and repositioning of the historic Baxter Building – home to the Hotel Baxter – in downtown Bozeman, Montana.  The project will involve a significant transformation and modernization of the existing property. 

The transaction involved a complex restructuring and joint venture formation in which the Baxter Building—together with related service contracts and financing arrangements—was contributed by Baxter Main into a newly formed joint venture with Breakwater and Baxter Main serving as co-developers. Noble House Hotels & Resorts will serve as hotel property manager.  

The project represents a significant hospitality restoration in one of the country’s fastest-growing mountain markets and required the coordination of real estate, restructuring, and equity components to support the property’s repositioning and long-term operation. 

“This transaction required aligning multiple stakeholders around a new ownership and operating structure while preserving the flexibility needed for a successful hotel restoration,” said Catherine Morgen, partner in Seyfarth’s Real Estate department. “Our team worked closely with the client to navigate the real estate and restructuring needs of the operating hotel and support its upcoming restoration.” 

Seyfarth’s multidisciplinary team was led by Morgen on the real estate, financing and hotel management aspects of the transaction, with partnership and joint venture matters led by Lili Martin-Mashburn. 

Seyfarth's Real Estate Department is recognized as one of the largest real estate practices in the United States, counseling clients on a local, regional, and national basis. The team advises sophisticated clients across a broad range of industries in each of the largest money-center markets nationwide.

Seyfarth's Hospitality & Leisure practice represents hundreds of operators and owners across all sectors of the hospitality and leisure industry. Backed by a global footprint, Seyfarth’s multidisciplinary team supports clients throughout the full lifecycle of hospitality assets, providing strategic counsel designed to mitigate legal risk and support growth.