Shiva Maharaj, a senior member of the company's business development team, tells GlobeSt.com that because of the global capital epidemic, the company is looking for opportunities that need equity or debt. "The current turmoil in the credit markets has created a unique situation where developers and owners of hotel and resort properties or projects have a desperate need for financing. Our program is geared toward providing immediate capital to experienced owners and developers in key growth markets," he says.
The fund was just formed Tuesday, Maharaj says, and no properties are in mind yet. SCS will consider senior, mezzanine and equity investments, as well as sale-leaseback scenarios. Sponsors with bank lines which are no longer being extended, or those needed to be refinanced, as well as acquisition, bridge, renovation and/or repositioning financing, are being targeted.
The firm is gravitating more toward well-performing existing hotels. "We'd rather get properties that are already up," Maharaj says. "Why go into new when you can put the same money into good bets?" he says. He says the company will pay particular attention to London, where it just opened a new office.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
