Electra America Nabs The Roger New York Hotel for $19 Million therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
Larry Korman and Joe Lubeck (iStock)
A multifamily investment firm and a luxury hotel residences company have partnered to launch a $500 million hotel investment fund, seeking to take advantage of opportunities created by the pandemic.
Electra America Hospitality Group, a joint venture between Electra America and AKA, plans to focus on properties in New York City, Miami, Los Angeles, Washington D.C., Toronto and London, said Russ Urban, CEO of the new partnership. The joint venture recently closed on $100 million in capital.
“Anybody that’s selling a hotel in this environment today clearly is doing it for strategic liquidity issues,” Urban said. “But I wouldn’t say all of our sellers are distressed.”
Electra America, AKA Launch Distressed Hotel Fund therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
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WEST HOLLYWOOD, Calif., Jan. 26, 2021 /PRNewswire/
AKA, the international brand synonymous with long-stay luxury living in world-class cities, has announced today that
AKA West Hollywood will begin welcoming stays of seven nights or longer to complement the property s 30-day+ stay model, to better support the needs of travelers seeking temporary accommodations. AKA West Hollywood s discerning clientele – including creative nomads, entertainment industry insiders and transitional residents – now have more flexible home-away-from-home options, providing peace of mind as their plans and needs change. Additionally, those who may be considering a move to West Hollywood can now test-drive the neighborhood like a local before making a commitment, by reserving a stay of one week or longer at AKA West Hollywood.