Saturday, 27 December 2014
Last updated 2 days ago
Jan 14 2008 | 12:21pm ET
RLJ Development, the largest African-American hotel investment firm in the U.S., has closed its third private equity real estate fund with $1.2 billion in commitments.
The RLJ Real Estate Fund III will seek to buy and develop upscale service hotels in major metropolitan areas. The Bethesda, Md.-based firm plans to use upwards of three-times leverage, and will focus on using “premium brands.” RLJ Development, which is led by BET founder and Charlotte Bobcats owner Robert Johnson, is already one of the largest Marriott franchisees in the U.S.
“We are proud to close our third fund and delighted with the overwhelming response from the institutional investment community,” Johnson said. The fund boasts 16 institutional investors as clients, including the General Electric Pension Trust and General Electric Real Estate Equities.
“Our mission is to deliver superior risk-adjusted returns for our investors with a highly-focused investment strategy,” Thomas Baltimore, president of RLJ Development, said. “The backdrop of a slowing economy and tighter credit should create attractive buying opportunities for our well-capitalized firm.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.