MLB Star Alex Rodriguez Backs $650M Hospitality Opportunity Fund
CGI Merchant Group’s new $650 Hospitality Opportunity Fund will acquire 20 hotels throughout North America and the Carribean over the next three years.
The former Major League Baseball star Alex Rodriguez, and his partner, serial investor Adi Chugh who is also founder of Maverick CP, are among the first investors in CGI Merchant Group’s new $650 Hospitality Opportunity Fund.
A-Rod Corp and Maverick CP joined forces earlier this year to expand their portfolios and build a large commercial real estate platform across various asset classes. As part of the agreement, Rodriguez and Chugh will assist in the acquisition of trophy investments for the hospitality fund as well as promote the firm’s co-investment platform and its flexible and multi-use office portfolio.
“CGI’s visionary and conscious approach to business has the potential to transform the commercial real estate industry, bringing in untapped voices that can inject new energy and ideas to ignite vast opportunities,” said Rodriguez.
The hospitality fund will acquire more than 20 hotel properties over the next three years in North American and Caribbean markets. The assets will be housed within the Hilton portfolio of brands.
This initiative follows on the heels of a separate joint venture formed by The Allen Morris Co., Stormont Hospitality Group, and Black Salmon to invest $300 million in hotel properties that have been repriced since the pandemic.
Founded in 2006, CGI Merchant Group holds assets across multiple alternative investment strategies, including value-add and opportunistic funds.