Local hotel gurus form investment fund
Memphis Business Journal
Local hotel executives Robert Solmson and Ed Ansbro have partnered with a New York businessman to launch a hotel investment fund.
Fairwood Capital LLC will acquire full service hotels and maintain offices in Memphis and New York City.
Solmson founded and is the former CEO of Memphis-based RFS Hotel Investors Inc., a hotel real estate investment trust which was acquired CNL Properties in 2003 for $700 million.
Ansbro is the former senior vice president of Equity Inns Inc., which was purchased in 2007 by Whitehall Street Global Real Estate LP for $2.2 billion.
Richard Reiss is the chairman of New York-based Georgica Advisors and a former RFS board member.
The partners and two institutional investors have contributed $150 million in equity for Fairwood Hospitality Investors LLC, which will acquire properties for the company.
Solmson said the company could have up to $300 million in buying power over the next few years, and that money will be invested in hotel brands such as Marriott, Starwood and Hilton. He said the company will work with owners, developers and other partners on its deals. Fairwood will hire outside companies to manage its properties.
“We believe the turmoil in the credit markets, together with the prospect of a recession, will create compelling opportunities to acquire hotels at historically attractive prices,” Solmson said in a statement. “We intend to be entrepreneurial in our approach and creative in structuring transactions, and we have the ability to move quickly.”
Related Industry News |
Latest News |
Most Viewed Stories |
Most Emailed Stories |
