TRENDING
Sondland , Alibhai
CREATE GENPRO
NEW GLOBAL REAL ESTATE GROWTH PLATFORM INCLUDES ASSETS WITHIN PROVENANCE HOTELS ’ LEGACY PORTFOLIO AND OTHERS IN AN IDENTIFIED PIPELINE .
by JEFF WEINSTEIN , EDITOR IN CHIEF
Long-time hotel industry developers Gordon Sondland and Karim Alibhai have joined forces to start a creatively structured special purpose hospitality venture , GenPro , which will launch with eight assets from Sondland ’ s Provenance Hotels portfolio . The duo will each contribute US $ 35 million in cash to the venture , which will also include institutional partners investing in the rest of the capital stack . The pair has not divulged transaction details nor the total investment made in GenPro .
Jointly led by Portland , Oregon-based Provenance ’ s Founder and Chairman Sondland and Miami-based Gencom Founder Alibhai , GenPro will seek to expand through future acquisitions and / or redevelopment opportunities . They say at least three separate deals are in advanced stages of negotiations and initially they expect to execute on average four to six deals a year , which could include portfolio deals .
GenPro ’ s hotel assets will be managed by Benchmark Pyramid . Alibhai currently sits on the Board of Benchmark Pyramid , and Sondland will also join the Board upon the close of Benchmark Pyramid ’ s acquisition of Provenance , which is expected in the second
26 hotelsmag . com June 2022