Former Yankees star Alex Rodriguez, who recently failed in his bid with fiance’ J. Lo to buy the New York Mets, will invest in and front a $650 million hospitality fund which plans to acquire 20 hotels – largely in New York, Miami and Seattle but potentially also the Caribbean – and turn them into Hiltons.
A-Rod & J-Lo at the #MetGala tonight. Estimated combined net worth? $850 million. pic.twitter.com/vUUjBAN35P
— Darren Rovell (@darrenrovell) May 8, 2018
He’s partnering in the fund with Miami-based CGI Merchant Group, which sees the opportunity to buy hotels at a deep discount during the pandemic and associated downturn in travel. The Renaissance Austin, for instance, just sold for $70 million after a $100 million deal set just before Covid-19 failed to close.
They also think they’ll attract guests with a social conscience, by donating funds to an associated non-profit that works with “underprivileged male students and single mothers in health, economic and wellness.” According to the Yankee great and former Shark Tank guest shark,
CGI’s visionary and conscious approach to business has the potential to transform the commercial real estate industry, bringing in untapped voices that can inject new energy and ideas to ignite vast opportunities. I’m proud to be involved with a company that is as focused on advancing the communities it calls home, as it is on financial returns.
Gabriel Hotel, Curio Collection, Miami
The plan is to avoid hotels with large conference facilities and meetings businesses. They’ve already made their first acquisition, Hilton’s Curio Collection Gabriel Hotel, the former ME by Melia, in Miami.
Rodriguez earned over $440 million in 7 seasons with the Seattle Mariners, 3 with the Texas Rangers, and 12 with the New York Yankees. His investments have included over 15,000 apartments; Snapchat; Wheels Up, and Vita Coco coconut water among others. He is engaged to former In Living Color ‘Fly Girl’ Jennifer Lopez who has been “the most powerful celebrity in the world” according to Forbes and a Time “100 most influential people.”
I wonder if his hotels will have 13th floors, at least in New York — as 13 was his number when he played with the Yankees.
Interesting move by a wealthy celeb power couple. Given their significant resources, buying up properties on the cheap sounds like a good opportunity for A-Rod and J-Lo to make ‘mo dough.
@ Gary — That Gabriel Hotel has a horrible view.
Everything that she has accomplished in 30 years and her descriptor is “former In Living Color fly girl”?
@Tiredblackman – Please see https://vowe.net/archives/003530.html
A nod to her accomplishments comes immediately after
A-Rod buys 20 hotels with J-Lo : “You kids get out there and play baseball!”