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New $500M Fund Formed to Buy Distressed Hospitality Assets
Los Angeles-based Bainbridge DXS and Torrey Pines Hotel Group formed a partnership to launch a full-service hospitality investment and management platform. The $500-million fund will seek to acquire equity investments as well as debt takeovers of hospitality assets globally.
Executives involved in the new Bainbridge DXS platform include hospitality industry veteran and Torrey Pines Hotel Group CEO Michael J. Slosser (pictured), Nick Chini, managing director of Bainbridge Consulting and Bainbridge Capital, Michael Riady, a member of the Riady family, founders of the Lippo Group, and David Bren, of the Irvine Company’s Bren family.
Bren notes the new venture plans to acquire up to 200 properties over the next 15 years. He says, “The COVID-19 pandemic has decimated the hotel industry with values significantly depressed. Our intention is to acquire and manage underperforming yet top quality hospitality assets – primarily in the United States but also in Europe and Asia – and optimize their financial performance, unlocking their full real estate values.”
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