Epic / Waterbar Restaurants

Waterbar & Epic Steak

(369-399 Embarcadero)

San Francisco, CA

Two iconic Pat Kuleto restaurants with an unrivaled location on San Francisco’s waterfront over a panoramic coastline view of San Francisco Bay and Bay Bridge.

Asset Type

Commercial

Acquired

2018

Scope

18,000 SF: 2 Restaurants
VISIT WATERBAR WEBSITE
VISIT EPIC WEBSITE

Key Investment Thesis

Opportunity to develop industry-leading restaurants in a prime waterfront location.

  • Extremely desirable location on the Embarcadero in close proximity to Oracle Park and the Moscone Center
  • Opportunity to partner with restaurateur Pat Kuleto
  • This is a long-term hold project that has increasing ROI year after year

JMA Value Creation

Negotiated a long-term lease with an exceptional restaurant group and developed the property.
Asset management team works with the restaurants to ensure maximum profitability and sustain the position as two of the top-grossing restaurants in San Francisco
VISIT WATERBAR WEBSITE
VISIT EPIC WEBSITE

Red Lodge Resort

Red Lodge Resort

RED LODGE, MT

Acquisition of regional ski resort / golf course in south-central Montana with significant value added through strategic capex, fee simple forest service land-swap, and overall operating efficiencies.

Asset Type

Resort / Leisure

Acquired

2007

Scope

1,635 skiable acres & 160 golf course acres
VISIT PROJECT WEBSITE

Key Investment Thesis

Our strategy was to take an undermanaged and undercapitalized ski resort with close proximity to Montana’s largest city and drive significant ski customer yield through upgrades to existing services (lifts, F&B, terrain, retail) and sophisticated revenue management practices.

  • Opportunity for additional real estate development potential
  • Authentic ski and summer experience in contrast to commercialized “Vail experience”
  • Scale of ski operation lends itself to high flow-through from incremental ski yield and visits.

JMA Value Creation

Significant operational stabilization under JMA ownership and improvements to profitability have allowed for capital to be reinvested into the resort. JMA real estate development expertise has opened possibility for meaningful development at the mountain and golf course.
Completed USFS land swap exchanging undevelopable up-mountain land for fee simple land surrounding base area
Successfully stabilized profitability with average NOI over the past three years approx. 3x higher than the 10-year average during 2007-2016 period

Chair lift replacement and learn-to-ski enhancements to be completed by 2023/2024 ski season

VISIT PROJECT WEBSITE

Aloft Hotel

Aloft Reno-Tahoe International Airport

Reno, NV

Ground up development of a 164 key hotel adjacent to the Reno-Tahoe International Airport with subsequent successful recapitalization as the property reached stabilization.

Asset Type

Hotel

DEVELOPED

2020

Scope

164 Keys

EXIT

Recap completed Aug. 2022
VISIT PROJECT WEBSITE

Key Investment Thesis

Opportunity to develop a well-located hotel in a high growth and burgeoning lodging market, providing highly attractive annual cash flow returns for investors.
  • Post development recapitalization providing opportunity for new investors to participate in return growth as the hotel reaches stabilization
  • Rare off-market ground lease opportunity sourced through the Reno-Tahoe Airport Authority, with development option for adjacent land

JMA Value Creation

JMA developed the project on schedule and on budget, successfully delivering the hotel at an attractive basis. JMA then provided significant value for its “Phase 1” investors by recapitalizing the hotel in August 2022, with 4x gross returns on initial investor equity.

Quickly ramped up asset towards stabilization, despite hotel opening only months after the onset of the pandemic

Successful Phase I exit with substantial investor returns, while allowing Phase 2 investors to participate in continued upside as the property nears full stabilization
Negotiated accretive ground lease with Reno Airport Authority that features zero property tax
Managed full development and operation process from inception to hotel opening, delivering on budget in a volatile construction market
VISIT PROJECT WEBSITE

Marigot Bay Resort & Marina

Zoetry Marigot Bay, Saint Lucia

Marigot Bay, Saint Lucia

124 keys all-inclusive luxury resort with multiple food and beverage outlets, ocean front, located in the iconic Marigot Bay in Saint Lucia. The resort sits next to a mega yacht luxury marina with up to 42 slips, Marigot Bay Yacht Haven, which provides a beautiful and relaxing atmosphere.

PROPERTY Type

Luxury Resort

Acquired

2021

RENOVATED

2022

Scope

124 luxury keys with multiple food and beverage outlets and a 42-slip marina as well as 20 mooring buoys

VISIT PROJECT WEBSITE

Key Investment Thesis

Take advantage of a significantly distressed asset by engaging an all-inclusive nationally recognized hotel brand with proven Caribbean and Latin America experience while investing a significant amount of capital to upgrade the overall resort experience and bring performance in-line with comparable destinations.

JMA Value Creation

Performed a large Property Improvement Plan in a very complicated foreign market, all during the Pandemic. Instituted hands-on asset management by implementing Standard Operating Procedures across the resort and marina as well as bringing in a separate marina manager. Created strong local government relations and saved multiple jobs at the resort by diverting the prior trajectory of the asset.
VISIT PROJECT WEBSITE

Homewood Mountain & Lake Club

Homewood Mountain & Lake Club

Lake Tahoe, CA

Located on Lake Tahoe’s West Shore, Homewood is an operating ski resort on the largest private land holding in the Tahoe basin, allowing for the development of a four-season mountain / lakefront resort community.

Asset Type

Mountain/Lake Resort

Acquired

2006

DEVELOPED

Ongoing

Scope

>1M Buildable SF
VISIT PROJECT WEBSITE

Key Investment Thesis

Private ownership of the mountain and lakefront parcels, in conjunction with entitlements obtained by JMA Ventures, enables for a one-of-a-kind residential ski and lake club development.
  • Truly irreplaceable asset in a proven resort market with strong connection to Bay Area.
  • Unlike other luxury ski resorts, Homewood is immediately adjacent to Lake Tahoe, one of the most renowned alpine lake summer destinations in the world.

JMA Value Creation

Completion of multi-agency entitlement process and lakefront assemblage of three separate properties allows for the necessary pivot to a residential resort community in partnership with Discovery Land Company.

Resort redevelopment concepting, planning, and permitting

Capital sourcing for individual development phases

Entitlements vested with commencement of construction in late 2022
VISIT PROJECT WEBSITE

Hayes Mansion

Hayes Mansion
San Jose

Curio Collection by Hilton

San Jose, CA

Renovation and repositioning of a 214-key historic landmark hotel to a Curio Collection by Hilton, located in San Jose

Asset Type

Hotel

Acquired

2019

Scope

214 keys
VISIT PROJECT WEBSITE

Key Investment Thesis

Opportunity to reposition a 1905 historic hotel and restructure the brand and management, creating the premier group and event destination only 9 miles from downtown San Jose.
  • Attractive acquisition basis from the City of San Jose with a comprehensive renovation now completed
  • Partner with Curio Collection by Hilton and Aimbridge to overhaul the Hotel’s positioning in the marketplace, transforming the caliber of the property and its ability to attract top tier group, event, and transient business

JMA Value Creation

JMA completed the repositioning and renovation on schedule and on budget, with the rebrand debuting in 2021 at a very attractive basis for investors.
Operated smoothly during “white label” renovation period before debuting as a Curio Collection in 2021, while navigating the Covid-19 pandemic
Sourced accretive contract with Curio Collection by Hilton to increase demand from higher-rated travelers as well business travel, drive-to leisure, and group business segments
Partnered with Aimbridge to bring institutional management and operational efficiencies to the Property
Active Asset Management to ensure successful re-launch in the market and enhanced operational performance
VISIT PROJECT WEBSITE

Fairmont Heritage Place Ghirardelli Square

Fairmont Heritage Place Ghirardelli Square

San Francisco, CA

Ghirardelli Square is a world-renowned national historic landmark sitting on one of the most coveted waterfront properties in San Francisco. Transformational project given landmark designation of the site and change in tenant mix from tourist centric to high-end.

Asset Type

Hotel / Private Residence Club

Acquired

2004

DEVELOPED

2008

Scope

Mixed use retail (101,000 SF across 12 buildings and 283 parking spaces) and a 53 private residence club.

EXIT

Retail: Sold 2010
Private Residence Club: 2012 / 2020 / 2023
VISIT PROJECT WEBSITE

Key Investment Thesis

Ghirardelli Square is a historic San Francisco destination, offering shopping, art galleries, family events, walking tours and more. Steeped in the history of the Ghirardelli chocolate family, dating back to the mid-1800s, Ghirardelli Square was the original site of the family’s chocolate, cocoa, mustard, and box factories. Today, it is a popular destination for visitors and Bay Area residents who desire a unique shopping and dining experience. As one of the first successful mixed-use redevelopment projects in the United States, Ghirardelli Square has been a San Francisco landmark for more than 100 years and to ensure its preservation for future generations, the Square was granted National Historic Register status in 1982. Fairmont Heritage Place opened in 2008 and was Fairmont’s first urban private residence.

JMA Value Creation

Acquisition due diligence and feasibility analysis of the entire development site
Development and construction management
JMA in-house specialists worked hand-in hand with contractors and designers on redevelopment concept
Sourced and negotiated sponsorship from Fairmont to be the brand and manager of the 54 fractional hotel project
Asset managed all aspects of the project including retail lease and financial oversight
Hired and currently manage a JMA inhouse sales team for the fractional sales of the Fairmont Heritage Place
VISIT PROJECT WEBSITE

The Battery

The Battery

Phoenix, AZ

Ground-up development of a 278-unit Class A multifamily project in downtown Phoenix, Arizona.

Asset Type

Multifamily

Acquired

2018

Scope

278 Units

VISIT PROJECT WEBSITE

Key Investment Thesis

Opportunity to develop the first for-rent housing project within the Warehouse District, a burgeoning tech hub in downtown Phoenix that has seen significant revitalization within the broader submarket.

  • Extremely desirable location adjacent to Downtown Phoenix’s Chase Field, Footprint Center, and CityScape mixed-use hub.
  • Unique positioning within market as the first for-rent residential project in the Warehouse District and the only mid-rise product situated around the south end of downtown, which is otherwise characterized by luxury high-rise buildings.
  • Significant sustained growth of both the Downtown submarket as a whole, as well as the Warehouse District itself through entrants of new creative office user such as Galvanize, Web PT, Scientific Technologies Corporation, Seed Spot, CCBG Architects, Gould Evans, R&R Partners, Bentley Gallery and the ASU School of the Arts

JMA Value Creation

Acquisition of off-market site, navigating Phoenix’s construction market during a period of record high new development and COVID-19 impacts, ultimately derisking the project and delivering a highly competitive project within the market.

Navigated a volatile construction market while securing a competitive A&E and construction team while securing a favorable GMP contract with general contractor Hardison Downey.

Procured a best-in-class management team with Greystar and oversaw the successful lease-up of the project.

Identified an opportunity to participate in the Qualified Opportunity Zone tax program, allowing investors to benefit significantly from special tax treatment of capital gains from the IRS stemming from the Tax Cuts and Jobs Act of 2017.
VISIT PROJECT WEBSITE

ANC Portfolio

ANC Portfolio

Henderson, NV

Acquisition and repositioning of a 439,000 SF class A & B office portfolio located in the Green Valley master-planned community of Henderson, NV.

Asset Type

Office

Acquired

2018

Scope

439,000+/- SF (8 buildings)

EXIT

  • 6 buildings sold: 2022
  • 2 buildings sold: 2023

Key Investment Thesis

  • Off-market acquisition at attractive basis given previously failed disposition process and challenging CMBS debt encumbering a portion of the portfolio.
  • Significant value creation possible through leasing of existing vacant space as well as lease rolls of existing tenancy.
  • Extremely desirable location and robust submarket within broader Las Vegas MSA poised for significant growth during hold period.
  • Strategic capital improvements to modernize the dated assets, including common areas and landscaping in conjunction with new tenant buildouts.
  • Strong continued market growth of the overall Las Vegas area given sustained in-migration driven by affordability and high quality of life.

JMA Value Creation

Off-market transaction sourced through JMA’s relationship with the owner and original developer.
Implemented $2.0 million of strategic capital improvements and $5.4 million in tenant improvements including strategic speculative leasing initiatives such as a complete interior demolition and rebuilding of a 33,000 SF former trade school space.
Successful leasing strategy, bringing portfolio from 73% leased at time of acquisition to 92% leased at the time of sale, despite 286k SF of lease roll between 2019 and 2022, and, despite Covid-19 impacts to the office market, successfully executing on more than 160k SF of new and renewal leasing in 2021 alone on the heels of the shut-down.
Leasing highlights included a 47k sf lease to public healthcare company as well as the re-tenanting of former trade school space to three credit tenants in the insurance and financial services sectors.
Assumed challenging CMBS loan while navigating to a favorable exit ending with defeasance of CMBS debt.
Facilitated a successful sale process while achieving attractive exit pricing of $329/SF (vs. acquisition basis of $200/SF) during a time of significant disruption to capital markets in the office sector.

Hearst Hotel

Hearst Hotel

San Francisco, CA

Renovation and transformational adaptive re-use of the iconic Hearst Building into the premier luxury hotel in downtown San Francisco.
Asset Type
Hotel
Redevelopment / Conversion

2026

Scope
113 keys

Key Investment Thesis

The Hearst Hotel will be a once-in-a-generation entry into recovering and supply-constrained SF market with the best luxury hotel delivered at a structurally-advantaged cost basis.

  • Situated within the landmark Hearst Building, the project benefits from a one-of-a-kind historic asset in an A+ location, directly adjacent to the city’s existing luxury cluster, reinforcing its position at the epicenter of demand drivers.
  • Designed as a bespoke hospitality experience, the Hotel will combine historic architectural character with contemporary luxury, targeting high-end global travelers seeking differentiated, experience-driven accommodations.
  • The San Francisco market has experienced minimal new luxury hotel supply throughout the recovery, positioning the Hearst Hotel to enter a structurally undersupplied segment at an attractive point in the cycle.

JMA Value Creation

Over more than a decade, JMA has systematically advanced the Hearst Hotel through key milestones that materially de-risk the project and create a structurally advantaged investment.
JMA has completed comprehensive diligence across all key disciplines, including detailed cost exercises and structural validation, significantly reducing typical development risks associated with complex urban projects.
The project is fully approved (CEQA and City entitlements) and beyond all appeal periods, a significant achievement in a high-barrier market like San Francisco.
The negotiated long-term ground lease with Hearst Corporation provides enhanced structural flexibility and alignment.
JMA has secured a world-class luxury brand and operator, ensuring globally recognized service standards and strong positioning within the ultra-luxury segment.
The engagement of Roman & Williams reflects a commitment to creating a truly one-of-a-kind hospitality experience, combining curated historic elements with modern luxury design.
The project has secured approvals to receive federal and first-of-its-kind California historic tax credits equal to approximately 35% of eligible project costs, enhancing capital efficiency and returns.