Broadreach Capital Partners the famed Sundance Mountain Resort in Utah from Robert Redford , and earlier that year acquired the 275-room Shelborne South Beach in Miami Beach , again for US $ 120 million . Both will get attention with a lodge , among other things , being added at Sundance . The Shelbourne was due to close for a more complete refurbishment , but with Miami Beach performing so well , ownership has pushed the plan back .
Mankarious says the objective and business plan as long-term holders at Sundance is “ not to screw it up .” Their aim is to be stewards to what Redford developed over the last 50 years . There has been talk of growing the concept elsewhere , but finding the perfect location that can support nature , art and recreation is no easy task . There is no timetable for growth , but ownership is looking .
FINDING THE NEXT DEAL Cedar Capital generally takes about a 10 % ownership stake in its deals and brings in one major equity player from institutions , high net worth individuals or sovereign wealth funds . Debt is usually relatively conservative at 50 % to 60 %.
Mankarious , who is 53 and spent several years as a vice president of acquisition and development for Saudi Prince Alwaleed ’ s Kingdom Holding , says finding the next deal is always top of mind for Cedar Capital . It is definitely in more of an acquisitive mode today , preferring to buy in key gateway cities and resort locations where assets might be a bit “ broken ” and need some repositioning at the right price . It is paying closer attention to the
lifestyle segment these days and today might be the biggest owner of Hoxton-branded hotels with four assets in hand . It also brought the Kimpton brand to Europe when it acquired and repositioned an asset in Amsterdam . “ And that ’ s very much opportunistic . If we could find more luxury , we would buy more luxury hotels ,” he adds .
Distressed pricing does not seem to exist for the assets Cedar Capital is sourcing , Mankarious continues . “ It really hasn ’ t materialized at all – like zip . And that ’ s probably for the best for most everybody .”
While prices are gaining more traction in resort locales compared to city centers , Mankarious says available inventory in key gateways isn ’ t very robust . “ Historically those city center properties are the ones that fair best , and I would love to own 10 hotels in London . But I can ’ t find one ,” he explains .
When asked what markets Cedar Capital is targeting , Mankarious says they love New York , London , Miami , Paris – all the main gateways . “ Some people say , ‘ oh , New York and the like are going nowhere .’ They are the best markets , they will be the best markets and I wish I could buy all my hotels in these markets ,” he adds .
Yes , markets in the U . S . are more liquid and there are opportunities to be
Cedar Capital owns four Hoxton hotel properties created by Ennismore , including this one in Rome .
Among the resorts in the Cedar Capital portfolio is the Angsana Resort & Spa in Corfu