Tribeca Associates’s Mark Gordon is looking to raise about $500 million in debt and equity for a new hotel-focused fund, Gordon told The Real Deal.
“We see opportunity in acquiring existing, income-producing hotels that are already performing well but where we can effectuate enhanced cash flow …. through a combination of change of management, brand, physical improvements, creative food and beverage concepts and the like,” Gordon said. “The acquisition strategy is all about minimizing risk while generating core-plus returns.”
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The fund named Intrinsic Hotel Capital. Mark Gordon and his partner on the new venture Joe Vassallo, formerly of Deutsche Bank and Natixis, hope to buy about 10 U.S. hotels over the next two years… (continue reading)
By Katherine Clarke, The Real Deal