Electra and AKA launch opportunistic hotel JV
Multifamily real estate platform Electra America, and AKA, a luxury hotel specialist, have formed a partnership to launch an opportunistic hotel investment fund focused on distressed assets in urban gateway markets.
The joint venture, known as Electra America Hospitality Group (EAHG), is in process of raising $500 million in capital for its new Electra America Opportunity Fund, and according to the companies, will seek to acquire and reposition independent, well-located hotels in major gateway markets.
Russ Urban, an industry veteran with more than 40 years of experience, has been appointed as CEO of the joint venture. Urban previously served in leadership positions at High Hotels Ltd., Destination Hotels & Resorts, HEI Hotels & Resorts and Marriott Int.
“The partnership of Electra and AKA represents an unparalleled opportunity to inject fresh capital into the hotel sector at a time when it is needed most,” said Urban. “This venture combines the