Retired baseball superstar Alex Rodriguez found his latest real estate investment.
Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties are investing in CGI Merchant Group’s $650 million Hospitality Opportunity Fund. The two partners will help CGI with its investment strategy, expand its debt capital market capabilities and aid in acquiring trophy properties, according to a press release.
The hotel market has been hit especially hard during the pandemic, with some properties closing permanently and lenders taking over from overleveraged borrowers.
“Citywise, we’re looking at the major markets where we expect the resurgence of the local and international traveler,” Chugh told The Real Deal, referring to assets that have struggled during Covid. The fund could hold onto properties for three to five years, or longer.