NEW YORK—Highline Real Estate Partners (HREP) has launched Highline Hospitality Partners (HHP), a new real estate platform that sponsors and invests in full- and select-service hotels and resorts throughout the United States. HHP is the first of multiple Highline investment platforms focusing on specific segments of the real estate industry. Each platform is made up of expert operations and investment teams and represents an operations-oriented approach to real estate investing.
HHP was created in partnership with former Garrison Investment Group executives Chuck Pomerantz and Todd Roffman, investors who ran hospitality investments for the private equity fund’s real estate group. During their eight-year tenure at Garrison Investment Group, Pomerantz and Roffman grew the portfolio from less than 10 hotels to more than 60 with a market capitalization of more than $1.5 billion, executed more than $200 million of renovation projects, and sold more than 50 of these hotels, generating more than $1.1 billion in gross sales proceeds.
“Highline Hospitality Partners is an excellent example of the investment platforms we plan to build over time, given its laser focus on a single real estate asset class combined with its expert operating capability and broad industry relationships,” said Key Foster, president and co-founder of Highline Real Estate Partners. “We believe this combination makes us an ideal sponsor and operating partner to achieve attractive results for our investors.”
Prior to Garrison, Pomerantz held senior positions with multiple hotel management companies for more than 30 years, where he gained experience in full-service, select-service, small boutique, resort and large-scale convention hotels. According to the company, this experience equips HHP with the judgment, creativity, and playbook to tackle every hotel type at any point in the economic cycle.
“We focus on driving value through an operating agenda tailored to each investment,” said Chuck Pomerantz, managing partner of Highline Hospitality Partners. “Our operational insights and execution capabilities help us identify transactions where others fail to perceive opportunity, understand risk, or possess the ability to transact and create value.”
Highline Real Estate Partners and the McWane Family, owners of one of the largest family-owned businesses in the United Sates, are backing the new investment platform. Additionally, McWane Inc. and select third-party investment partners will provide “limited partner” equity capital on a deal-by-deal basis for the projects that Highline Hospitality sponsors.
“Since we’re backed by patient, long-term capital, we can be flexible and pragmatic in structuring both individual investments and third-party investor relationships to best position our partners and ourselves to be successful,” said Pomerantz.
Pomerantz and Foster have a long-standing relationship spanning nearly two decades during their work together at Gaylord Hotels and Redmont Hospitality.