Since announcing his retirement in early 2017, Alex Rodriguez has been busy putting his money to work. He made his appearance on the show shark Tank And bid for the New York Mets. But Rodriguez’s biggest focus, which he started in his playing days? real estate.
Rodriguez is working with the CGI Merchant Group in the company’s new hotel investment fund. The venture, which will also include New York real estate investment company Maverick Commercial Properties, aims for Hilton Worldwide Holdings, Inc. To raise $ 650 million for the acquisition and development of properties with.
Rodriguez founded his own real estate investment company, Monument Capital Management, in 2003. The company has already invested more than $ 800 million in assets in a dozen states. Now, Rodriguez wants to capitalize on a market that has been hit by the COVID-19 epidemic.
According to CGI, the new fund will invest in hotels and resorts in North America and the Caribbean. Miami, New York City and Seattle will be the main areas of interest. Nidhi has already purchased the 129-room property Gabriel Hotel in Miami.
Rodriguez, CGI, and Maverick are primarily targeting hotels that do not feature open floor plans or large banquet locations. Those types of properties often depend on large group events in those locations. Those hotels may take longer to recover as a result, making them a more risky investment.
The biggest problem: getting other owners to sell their properties. Most will not sell at a loss, and they are thinking the same thing is Rodriguez. Once the industry bounces back, those assets can reclaim most or all of their pre-epidemic value. This possibility makes the majority of owners hesitant to get rid of their properties, even if they are now struggling.
The 14-time All-Star knows he is playing the long game. He does not expect to get rich overnight. He is just hoping that he can find good diamonds in the rough.