News for the Hospitality Executive
Lodging Capital Partners Launches Financing Platform\
Industry Veteran Ian Davis Tapped to Lead Effort
|Chicago – October 1, 2008 – Lodging Capital Partners, LLC
(“LCP”) announces the formation of a platform which will provide debt,
mezzanine and preferred equity financing for upper-upscale and luxury hotels.
Initially, LCP plans to invest $250 million in this effort, and has recently
closed their first purchase of an existing mezzanine loan in Hawaii.
“Given the current capital and economic conditions in the industry, we believe investing in this part of the capital stack provides our investors with the best risk adjusted returns,” said Steve Kisielica, Principal, Lodging Capital Partners.
Ian Davis joins LCP as a Principal in the new platform. Prior to joining LCP, Ian has had extensive experience in the hospitality banking industry, most recently as a senior member of Credit Suisse where he originated over $1.5 billion of financing in the sector.
According to David Sims, Principal of LCP, “Ian has the unique experience of understanding hotel asset valuation combined with an intimate knowledge of structured finance.”
LCP will focus it’s investment in the upper-upscale and luxury sector of the industry, ideally in major U.S. business markets and established resort locations. Investments will consist of a combination of the purchase of existing positions as well as the origination of new subordinated debt, mezzanine and preferred equity.
About Lodging Capital Partners, LLC:
LCP was formed by David Sims, Bradley Falk, Steve Kisielica and John Merrill in 2005 and has become a premier owner of upper-upscale and luxury hotels. Since formation, LCP has invested in a portfolio with a valuation of over $1.3 billion. Asset purchases include: the Fairmont Orchid in Mauna Lani, the Drake Hotel Chicago, the Four Seasons Austin, the Hotel Jerome Aspen, the Le Meridien Chicago and the Snake River Lodge & Spa in Jackson Hole, among others. Members of LCP have combined 60 years of experience in hotel valuation, acquisitions, financing, asset management and dispositions. The team has purchased over $4.0 billion of properties, implemented over $5 billion of financings, raised over $1.5 billion of public and private equity and sold $1 billion worth of asset, all of which related to full-service hotels and resorts.