YOTEL and the John Buck Company Form Partnership for North American Equity Fund
NEW YORK—YOTEL, together with The John Buck Company, announced a dedicated real estate fund platform focused on the expansion of the brand in North America. READER COMMENTS
YOTEL, along with long term capital partners IFA Hotels & Resorts, Kuwait Real Estate Company and The John Buck Company have partnered to raise a $250 million discretionary private equity fund with the goal of acquiring and developing more than $650 million worth of YOTEL hotels in North America over the next three to five years. As co-General Partners of the Fund, YOTEL and The John Buck Company will jointly identify, acquire, develop and redevelop YOTEL properties in select major U.S. metropolitan cities including projects currently being reviewed in Boston and Chicago. The Fund will leverage YOTEL’s innovative hotel concept, brand and management expertise combined with The John Buck Company’s strong development reputation and prior private equity real estate fund management experience.
“Introducing the American market to the YOTEL brand was a key focus in 2011,” said Gerard Greene, CEO of YOTEL, in an announcement. “In 2012 we have expanded this goal and are truly honored to have the opportunity to partner with one of the most well respected developers, investors and real estate owners in the world. The formation of a dedicated real estate fund with The John Buck Company is a pivotal step in making YOTEL a household name throughout North America.”
The Fund is currently in discussions with potential limited partners and will utilize a multi-pronged strategy for investments:
- Acquire existing development sites and/or condominium interests in mixed-use development projects
- Acquire non-hotel buildings that can be converted to Yotel hotel properties
- Acquire select existing hotels that can be converted to Yotel hotel properties
The partnership anticipates an official closing of the Fund in early 2013 and is immediately seeking investment opportunities throughout North America.
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