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Six months after the government announced with great fanfare that it has agreed to sell Grand Lucayan resort on Grand Bahama to Electra America Hospitality Ltd. (EAHL) for $100 million, Lucayan Renewal Holdings Limited (LRHL) last night revealed the deal with EAHL has collapsed and that discussions are now taking place “with a well-capitalized entity” ....
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.