SPECIAL REPORT
Trust is priceless
A recent acquisition for Cedar Capital was the Belfry resort in England , which has hosted four Ryder Cup events .
CEDAR CAPITAL PARTNERS RAMSEY MANKARIOUS LEADS AN OPPORTUNISTIC INVESTMENT TEAM WHERE IT MATTERS MORE WHO THEY WORK WITH THAN ANYTHING ELSE .
by JEFF WEINSTEIN , EDITOR IN CHIEF
For hotel investor Ramsey Mankarious and his London-based Cedar Capital Partners team , finding great deals at good prices is everything . But perhaps even more important , he says , is finding the right partners – people he and his team actually want to work with because , if the pandemic proved one thing , it was that having good investment partners and lenders who want to row in the same direction can make or break an asset .
“ After 18 years of Cedar , we now have the luxury of working with people we like and trust . When times are good , everyone is a great partner . But when times are bad you really know who your good partners are ,” reflects Mankarious , who adds that unlike some other investors he knows Cedar had the best possible outcomes for its portfolio as it worked through the pandemic . “ Even if you ’ re making less money , working with people you like and trust is priceless .”
The small shop with a team of less than 30 and a current portfolio that totals 12 assets with a net value of about US $ 1.5 billion is very busy today – in a good way , suggests Mankarious . It is on the lookout for opportunistic deals , primarily in the luxury and lifestyle segments , and is also focused on upgrading its current portfolio with assets currently offline for refurbishment in Florence , Amsterdam and Edinburgh .
Cedar Capital , which was founded in 2004 and has made hotel investments in excess of US $ 4 billion , has also been closing off-market deals in New York City and Nashville , Tennessee , and is actively looking in Europe . Among existing goals is adding an office in Asia Pacific ( it also has an office in New York City ) to source deals further afield .
More recently , Cedar Capital Partners acquired the Florence Palazzo Riscoli and the 320-room , Warwickshire , England-based Belfry Hotel & Resort , which has hosted four Ryder Cups . In partnership with Goldman Sachs , Cedar bought the 4-star Belfry from KSL Capital for an estimated price £ 140 million ( US $ 176 million ) and plans to add 150 keys and more wellness amenities .
In December 2020 , it acquired with Flip Maritz ’ s
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