News: Ungaretti & Harris Represents KL Holding Partners in Acquisition of Aruban Timeshare Resort and Casino

Chicago, August 8, 2007 – Ungaretti & Harris recently represented KL Holding Company, a closely held, Nevada-based international resort and casino development company, in its acquisition of La Cabana Villas Timeshare Resort and the Royal Cabana Casino (La Cabana) in Aruba. The value of the transaction is $65 million.

KL Holding Company purchased La Cabana in a quasi-public auction, devised to allow the new owners to obtain the resort property’s title, which had been vested in the Aruban government. KL Holding Company plans major capital improvements to the complex, which is located on Eagle Beach and includes a 362-room timeshare and resort hotel, restaurant and 48,000 square foot casino building. The renovations will eventually make the Royal Cabana Casino the largest casino in the Caribbean.

“We are very pleased to have brought this deal to successful fruition,” says Gary I. Levenstein, Senior Partner and Corporate, Securities & Finance Department Chair of Ungaretti & Harris, “particularly given the complex domestic and international corporate, finance, banking, gaming, real estate and tax issues associated with such a transaction.”

Leading the deal with Levenstein were partners Brian E. Krob for corporate and finance matters, James E. Lentz for real estate matters and Frank J. Emmons for tax matters. Christopher J. Schafer was involved on various aspects of the transaction.