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 Auberge

Hearst Hotel Auberge

San Francisco, CA

Renovation and transformational adaptive re-use of the iconic Hearst Building into the premier luxury hotel, the Hearst Hotel Auberge Collection, in downtown San Francisco.

Asset Type
Hotel
Redevelopment / Conversion

2024

Scope

125 keys

VISIT PROJECT WEBSITE

Key Investment Thesis

The Hearst Hotel will address the market void as the only highly differentiated, A+ location luxury hotel in San Francisco, a chronically undersupplied market for luxury product.

  • An irreplaceable location at the corner of 3rd and Market St., landmark building with historic character, and combination of the Hearst and Auberge brands to create an authentic and unique luxury hotel product to fill the market void
  • Ability to deliver what will be the most differentiated hotel in the entire San Francisco market in 2026, when San Francisco hospitality is projected to be fully recovered
  • Luxury hotels, and the Auberge portfolio in particular, have performed exceptionally well throughout the COVID-19 pandemic and are the hotel segment with the strongest secular trends going forward

JMA Value Creation

As a result of 8 years of pre-development, the project is fully entitled, with thorough due diligence and cost exercises and research completed, under an option to enter into an 85-year ground lease agreement with the Hearst Corporation.

JMA secured a management agreement with world class luxury hotel brand and operator Auberge Hotels
Negotiated ground lease structure with the Hearst Corporation that provides significant flexibility to the investment

Engaged renowned interior designer Roman & Williams to design a truly bespoke and unmatched luxury offering

The project is approved by the National Park Service to receive historic tax credits equal to 20% of the eligible project cost
The project is fully approved – CEQA and City entitlements – and past any appeal periods. The extensive entitlement period is further evidence of significant market barriers to entry.
JMA has been able to significantly diligence the project across all key disciplines, including taking steel beam sample for materials testing to verify the structural design and integrity
VISIT PROJECT WEBSITE

Downtown Commons

Downtown Commons

Sacramento, CA

Redevelopment of the former Westfield Downtown Plaza in downtown Sacramento into Downtown Commons (“DoCo”), a 1,000,000 SF mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The project was developed in a joint venture with the Sacramento Kings and was designed to leverage activity from the 17,500-seat Arena and its CBD location four blocks from the State Capitol Building.

  • 300K SF of new retail space
  • New 250-key Kimpton Hotel
  • 45 luxury condo units
  • 120K SF office refurbishment
  • 35K SF state-of-the-art Sacramento Kings Class A office space
  • 332K SF Macy’s full-line department store refurbishment

Asset Type

Arena-Anchored Mixed-Use

Acquired

2012

DEVELOPED

2017

Scope

1,000,000+/- SF

EXIT

  • King’s office sold: 2017
  • Condos sold: 2018-2019
  • 660 J Street sold: 2020
VISIT PROJECT WEBSITE

Key Investment Thesis

Leverage the adjacency to the new Golden1 Center, home to the Sacramento Kings, and prime location in the heart of Sacramento’s CBD, to develop a regionally transformative lifestyle mixed-use project that would deliver significant premiums over the then-current market rental rates, hotel room rates, and residential sales per SF.

  • Strategic Location near Traffic Drivers:
    • Golden1 Center Visitation – 200+ Arena events per year / 1,700,000+ visitors, including 42+ Kings games, concerts, family shows, community-oriented events, and other sporting events.
    • Daytime population – 95,000 weekday office population
    • Access – Two blocks from Interstate 5 (nearly 200,000 vehicles per day), four blocks from the regional train depot / future multimodal transit center and served by bus and light rail lines.
  • Retail – position as the dominant entertainment, shopping and dining destination in the urban core leveraging Golden1 Center visitors, office worker population, and proximity to surrounding affluent communities
  • Kimpton Sawyer Hotel – positioned as Downtown Sacramento’s rate and luxury leader, focused on the customer base and active environment derived from Arena events and an NBA affiliation in an already strong occupancy market.
  • Residences at the Sawyer – develop a residential product that did not previously exist in the market including high rise views, hotel amenities, and a prime downtown location. There is no other competitive Residential luxury product in the market.
  • Office – build to suit state-of-the-art office to house Sacramento Kings business operations, adding to the daytime population for the project

JMA Value Creation

Downtown Commons has been a catalyst for redefining downtown Sacramento. It has transformed the once-blighted area into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA Ventures worked closely with the Sacramento Kings to create an ecosystem for the Kings’ organization that includes the Kings Arena, practice facilities, Class-A office headquarters, merchandise stores, and ancillary uses while also incorporating other private uses that coexist and complement their operations. JMA’s roles included the following:
Master developer for the entire entertainment sports complex and developer for the mixed-use components
Performed acquisition diligence of site
Managed development and construction
Hired and managed design team to deliver the project with favorable economics
Delivered hotel partnership with national hotel operator
Led construction financing and take-out financing efforts
Provided overall asset management, including retail & office leasing, and financial oversight
VISIT PROJECT WEBSITE