INVESTMENT
PE FIRM
GEORGETOWN moves to seize the moment
SIGNIFICANT POSITION IN LIKE- MINDED FIRST HOSPITALITY GIVES NEW PLATFORM A BROADER SKILL SET , MORE ACCESS TO OPPORTUNITIES .
by JEFF WEINSTEIN , EDITOR IN CHIEF
Georgetown Company ' s Hilton at Easton Town Center , a mixed-use development in Columbus , Ohio
Recognizing the upside of more potential hotel deals within reach over the past year , developer and owner The Georgetown Co . has launched a US $ 1 billion acquisition platform and took a significant position in hotel developer and management company First Hospitality to seize what it perceives as a great opportunity .
Georgetown ’ s new Managing Director and Head of Hospitality Michael Fishbin says the firm already has two deals under contract , expects to announce one or two more before the end of 2021 , and will be looking to deploy the platform over the next several years , working with First Hospitality and its chairman Stephen Schwartz and CEO David Duncan , to acquire portfolios and single assets . Fishbin , who has served as an advisor on more than US $ 30 billion of hospitality transactions over the course of his career , including a dozen years leading EY ’ s hospitality practice , says the team has been underwriting as many as five deals a week and the sweet spot seems to be single assets in the US $ 30-100 million price range .
Georgetown , founded in 1978 by Marshall Rose and today led by Adam Flatto with about US $ 3.5 billion in asset value , is already developing a Four Seasons residence in Washington , D . C ., adjacent to the hotel ( and separate from the new platform ), and has an ownership position in four hotels at the prolific Easton