Hospitality – JMA Ventures

Westcourt Orlando

New Development in downtown Orlando creating a 900,000+/- SF mixed-use development adjacent to Kia Center, home to the NBA’s Orlando Magic. The project is pending approval and will feature high-rise residences, a full-service hotel, office and meeting spaces, retail shops, a dynamic live events venue, and on-site parking.

Hampton Inn & Suites

Located in Truckee, CA, a popular recreational destination for Bay Area travelers. The property is situated near popular tourist attractions and prime destinations such as Northstar and Palisades Tahoe ski resorts, Martis Camp, downtown Truckee, and a host of outdoor activities. Conveniently located near major transportation routes including I-80, CA 267, the Truckee Airport, as well as newly constructed bike lanes.

Sawyer Hotel & Residences

Sawyer Hotel & Residences

The Sawyer Hotel and Residences at the Sawyer are the centerpieces of Downtown Commons (“DoCo”), a 1,000,000 sf JMA mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The Sawyer and DoCo were 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.

Asset Type

Hotel

Acquired

2012

DEVELOPED

2017

Scope

250 keys, 22,000 SF of meeting space, 45 for sale residences

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 best-in-market boutique lifestyle hotel and luxury residences with hotel services that would deliver significant premiums over the then-current room rates residential sales per SF.

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.

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

Avon Springhill / Townplace Suites

Avon Beaver Creek QOZ Hotel Development

Avon, CO

Ground up development of 243 key select service Marriott dual brand hotel, located on a QOZ in the world class mountain resort town of Avon/Beaver Creek

Asset Type

Hotel

Acquired

2022

Scope

243 Keys

OPENING DATE

Q2 2024

Key Investment Thesis

Develop a hotel to cater to the extremely supply constrained mid-priced point demand segment in the Avon / Vail market. Market currently has little to no corresponding existing product and will continue to benefit from evolving travel patterns and consumer preferences.

Development of a high quality select service hotel at an accessible price point to consumers, catering to the attractive and growing demographics of drive-to Denver MSA
Ability to capture full-service hotel rates in a select service hotel design with a low operating headcount model
Project is located within a federally designated Qualified Opportunity Zone and benefits significantly from special tax treatment of capital gains from the IRS stemming from the Tax Cuts and Jobs Act of 2017

JMA Value Creation

JMA sourced the off-market acquisition of the well-located land parcel, with direct visibility off I-70. Worked diligently on the entitlement process for the two years prior to close, significantly de-risking the project by securing a guaranteed maximum price construction contract, Marriott franchise agreements, construction loan and full design approvals

Navigated a highly volatile construction pricing market post pandemic to secure a guaranteed maximum price contract with local general contractor RA Nelson

Managed the entire design and planning process, securing full project design approvals from the design review board

Identified highly unique Qualified Opportunity Zone status of project, providing significant tax benefits to investors while also developing a project that will deliver strong annual investor cash flow

Sourced off-market land parcel at an attractive basis compared to competitive projects in the Avon / Vail Valley

Will provide full asset management services for the investment

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

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

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

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

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

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

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

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

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

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

Westcourt Orlando

Hampton Inn & Suites

Sawyer Hotel & Residences

Sawyer Hotel & Residences

Avon Springhill / Townplace Suites