Squire Patton Boggs advised PASHA Real Estate on first U.S. investment in ultra-luxury Hyde Park resort
The full-service global law and lobbying firm, Squire Patton Boggs advised PASHA Real Estate Group on its first-ever investment in the United States, acquiring a majority stake in a new destination resort project in Hyde Park, New York. The project is being developed in collaboration with U.S.-based hospitality developer Nolan Reynolds International (NRI) and UAE luxury resort operator Kerzner International (Kerzner).
The resort will feature 61 cabins, rooms, and suites, along with 54 private residences on an 8.5-hectare/21-acre site owned by the Culinary Institute of America (CIA) along the Hudson River. Scheduled to open in 2028, the gated community will offer dining experiences in partnership with the CIA and a “longevity hub” in collaboration with Clinique La Prairie.
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.”
Elchin Gadimov, PASHA Real Estate’s CEO of International Projects, said,
“PASHA Real Estate is overjoyed to be adding the U.S. to our portfolio of properties spanning Azerbaijan, Georgia, Montenegro, Türkiye and Uzbekistan. 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, added,
“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.”
Levent Kirazoglu, PASHA Real Estate’s Chief Investment Officer, said,
“It was a real pleasure working with Rich and the fantastic team at Squire Patton Boggs.”
The Squire Patton Boggs deal team was led by Matthew Powell (Corporate Partner), supported by Richard Gibbon (Managing Partner, Baku), with additional support from the firm’s global leadership including Mark Ruehlmann (Chairman) and Steve Mahon (Global Managing Partner).
This transaction marks the addition of the U.S. as the sixth country in PASHA Real Estate’s international portfolio, which also spans Azerbaijan, Georgia, Montenegro, Türkiye, and Uzbekistan.
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