Certares, a global investment firm specializing in travel and hospitality industries, has closed its first real estate hospitality fund, Certares Real Estate Holdings I LP, with $284 million of equity commitments.  

The fund focuses on acquiring hospitality real estate assets in growth markets and gateway cities across the United States. Since its launch in March 2021, the fund has invested in 10 hotels, including the Sea Crest Beach Hotel in Cape Cod, the Courtyard San Diego Downtown, and the EAST Miami, generating a net IRR of 35% and a 1.4x multiple on invested capital as of March 31, 2023.  

“COVID-19 caused unprecedented disruption across the entire travel industry,” said Greg O’Hara, founder and senior managing director at Certares. “As demand has returned robustly, hotels represent a category where investors who know the industry well can identify attractive assets.”