Acquisitions in France and Portugal the first properties to
make up a platform across Europe in North America.
PARIS and LONDON – London-based Cedar Capital Partners and Paris-based L Catterton
Real Estate have launched a strategic joint venture to build a 10- to 15-hotel luxury
hospitality platform across Europe and North America. The partnership will
pursue a value-add investment strategy focused on the acquisition,
transformation, and repositioning of 5-star and luxury hotels in prime urban
and resort destinations.
As part of the platform launch, the joint venture has
completed its first two acquisitions:
- Garden Beach Hotel, a 177-key beachfront property in
Juan-les-Pins (Antibes, French Riviera) is currently closed and represents a
rare seafront repositioning opportunity. It is expected to be redeveloped into a
Riviera flagship luxury destination.
- Penha Longa Resort, a 204-room Ritz-Carlton property, is
situated within the Sintra-Cascais Natural Park, approximately 25 minutes from
Lisbon Airport. Set across a 220-hectare estate, the property features two
championship golf courses, Michelin-starred dining, an award-winning spa, and a
country club.
The platform is designed to capitalize on strong secular
growth in global luxury travel demand and a structural supply-demand imbalance
in the high-end hospitality segment.
This partnership is well positioned to capitalize on strong tailwinds in global luxury travel and to create significant long-term value through the repositioning of iconic assets in highly sought-after destinations.
Mathieu Le Bozec
L Catterton is a consumer-focused investment firm, managing
approximately $40 billion of equity capital across three multi-product
platforms: private equity, credit, and real estate. The firm's funds have the
ability to invest between $5 million and $5 billion, across the capital
structure, in well-positioned consumer businesses. Some notable projects
include Ginza SIX in Ginza Tokyo and the Miami Design District in Miami.
Founded in 2004, Cedar Capital Partners invests and
specializes in luxury and lifestyle hotels and has invested over $5 billion
globally.
“We see a compelling opportunity to build a differentiated
luxury hospitality platform by combining our deep consumer insight and real
estate capabilities with Cedar’s sector expertise,” said L Catterton Real
Estate Managing Partner Mathieu Le Bozec. “This partnership is well positioned
to capitalize on strong tailwinds in global luxury travel and to create
significant long-term value through the repositioning of iconic assets in
highly sought-after destinations.”
Ramsey Mankarious, founder and CEO of Cedar Capital, added:
“We are excited to partner with L Catterton Real Estate to pursue a targeted
and scalable strategy in the luxury hospitality sector. With a shared vision
and complementary expertise, we believe this platform will enable us to unlock
the full potential of unique properties and deliver exceptional experiences for
guests in key destinations across Europe and the United States.”