ALIS video: First’s Ballan on deals checking boxes

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.