INVESTMENT
FRIEDMAN CAPITAL picks up investment for
“ jail break ”
DC-BASED FAMILY OFFICE SEES THE TAILWINDS AND PLANS TO EXPAND ITS FOOTPRINT WITH A BIGGER-THAN-MOST INTEREST IN CITY CENTER ASSETS .
by JEFF WEINSTEIN , EDITOR IN CHIEF
When Brian Friedman was 10 years old , his late mother “ dragged ” him to the Inn of the Anasazi in Santa Fe , New Mexico , as she was very interested in the art and culture of the destination . Young Brian was at first rather bored by the trip , as there was no pool table or swimming pool . But by day three of the visit , says the now 43-year-old founder of Foxhall Partners , the SPAC company BOA , and the Friedman Capital family office , he found the hotel and its atmosphere , food and service magical , even for a spoiled child . Years later , he knew the Inn had to become part of the hotel real estate collection curated by Friedman Capital , and in 2019 that became a reality . Today , the family-run private equity firm owns about 600 keys in Washington , D . C ., including The Line DC , Glover Park Hotel Georgetown , the recently acquired luxury Graham hotel , as well as The Rosewood Inn of the Anasazi in Sante Fe . The group also has a strong interest in senior housing , as well as capital stakes in multiple limited-service branded hotels , and interests in historic properties in Charleston , South Carolina , Los Angeles , San Francisco and San Diego .
The group also asset manages some of its hotel properties . “ The dynamic is that we have hotel people that can also do senior housing , retail and office , and lifestyle shopping centers because there ’ s some real similarities across the board ,” says Friedman , adding that the group has proprietary software that allows it to manage across various asset classes . “ We have a vision to build the world ’ s most profitable lifestyle , hospitality management company that goes across platforms … We ’ re going to upgrade the experience for our guests across platforms in every way possible . And then after that , it ’ s all about safety .”
The plan moving forward , Friedman says , is to acquire more hotels ( the group is generally a long-term holder ), which will be managed by its hotel management arm , the Anasazi Group . “ We are seeing great pickup in luxury travel and great experiences , so we want to focus our dollars on investing in hotels ,” he adds . Friedman also has a long-term view that people are going to want to migrate to the big cities , and the bigger the city is , the better it ’ s going to do . “ And the more downtown , and the more core , and the more historic and the more beautiful , a building is going to be more and more valuable . And those are the kickers that we ’ re looking for .”
The group is looking at assets in about 116 unique destinations and as far as 20 countries . “ We ’ re looking at deals from the beaches of Tulum to the coolest neighborhoods in New York City , London and Buenos Aires ,” Friedman adds . “ We ’ re really trying to grow our brand and take advantage of the moment , but we have to buy the right asset … We ’ re looking for sophisticated assets that have a soul .”
The group in September acquired the 57-room The Graham Hotel in Georgetown at the same price it was originally sold for in 2016 . Along with Anasazi Group , the plan is to create an ultra-luxury guest experience with new amenities , upscale art installations , and capital improvements to
30 hotelsmag . com January / February 2022