EVP of investments and capital markets for
First Hospitality and First Investors talks about deal discipline and deploying
their first fund.
LOS ANGELES – With 20-plus years of capital markets and
investment experience, Marissa Ballan joined First Hospitality and First
Investors in October bringing with her lessons learned during the GFC – value real
estate based on its intrinsic value versus financial engineering, and to be a
disciplined risk taker.
First Investors last May unveiled First Investors GP Fund,
which expects to supply sponsor capital for a targeted $400 million in U.S.
hotel investment over the next 12 to 36 months. Now, Ballan said, 2026 is about
growth and execution on the fund, looking for value-add acquisitions and to expand
relationships with capital partners.
“We want good real estate, good markets, good basis,
operations to drive alpha and ability underwrite the risk,” Ballan explained. “We
are just starting to see opportunities that check all those boxes.”
Ballan also talked about what should drive the transaction market
this year and how First Hospitality is working to amplify its operational
capabilities, especially around food and beverage and AI.