US: Hospitality investment and development firm DoveHill Capital Management has launched its Opportunity Fund II.
The core strategies of Fund II are opportunistic on- and off-market acquisitions, structured equity, and experiential hospitality in markets with high barriers to entry.
DoveHill aims to raise $30 million to further support its strategy.
Fund II is founded on the strategies of DoveHill’s Fund I, which had ten investments totalling over 4,600 keys and $640 million under management within three years. Preferred equity investments made within Fund I represented 50 per cent of the Fund’s investments, and 90 per cent of the investments in the Fund were sourced through the firm’s proprietary off-market network.
Founder and CEO of DoveHill Capital Management, Jake Wurzak said: “We enjoy the unique advantage of being able to source both on- and off-market deals for our investors. DoveHill has always had an advantage in sourcing opportunities not only through brokers but also through our relationships and reputation in the industry. We’ve created an investment ecosystem allowing us to invest in various parts of the capital stack with best-in-class institutional partners, family offices, and high-net-worth investors. In short, we offer our partners entry into a spectrum of deals that they could not otherwise access.”
Executive VP for investments at DoveHill, Charles Paloux added: “Our focus is on unique deals where we can add immediate value. We have access to deals most don’t, and this allows us to establish a track record that has put us at the table with best-in-class funds in the space.”
Hotels within DoveHill’s current portfolio includes 1 Hotel Sunnyvale, Ace Hotel Brooklyn, Moxy Hotel St Petersburg, Dalmar Fort Lauderdale and more.