DoubleTree Spokane City Center

DoubleTree Spokane City Center

Spokane, WA

Located along the Spokane River in the heart of downtown between the First Interstate Center for the Arts and the Spokane Convention Center, the DoubleTree Spokane City Center is perfectly positioned to capture both the leisure traveler and group business. Upon acquisition in December 2024, the process began to undergo the first full property renovation and update since 2016. The overall scope includes updating of the guest rooms and the 20,000+ sq ft of meeting space, along with a repositioning of the food and beverage experience.

Asset Type

Hotel
ACQUIRED

December 2024

Scope

375 Keys

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

Westcourt Orlando

Westcourt Orlando

Orlando, FL

New 1,000,000+/- SF mixed-use Development in downtown Orlando adjacent to Kia Center, home to the NBA’s Orlando Magic. The project received land use entitlements in April 2024 and will feature high-rise residences, a full-service hotel, office and meeting spaces, entertainment & dining options, a dynamic live events venue, and on-site parking.
  • 125K SF of new entertainment and dining focused retail space
  • 265-key lifestyle hotel
  • 269 high-rise residential units
  • Approximately 300K SF Class A office space
  • 3,500 capacity live event venue
  • 1,140 onsite parking spaces

Asset Type

Arena-Anchored Mixed-Use

Acquired

2024

Scope

1,000,000 +/- SQ FT

VISIT PROJECT WEBSITE

Key Investment Thesis

Leverage the adjacency to the Kia Center, home to the Orlando Magic, and prime location in downtown Orlando, to develop a regionally transformative lifestyle mixed-use project that will deliver significant premiums over market rental rates and hotel room rates.

  • Strategic Location near Traffic Drivers:
    • Kia Center – 200+ Arena events per year / 1,900,000+ visitors, including 42+ Magic games, concerts, family shows, community-oriented events, and other sporting events.
    • Camping World Stadium – 16 annual events / 960,000 estimated attendance
    • Inter&Co Stadium – 30 annual events / 450,000 estimated attendance
    • Dr. Phillips Center for the Performing Arts – 400 annual events / 600,000 estimated attendance
    • Daytime population – 95,000 weekday office population
    • Access – One block from Interstate 4 and served by bus and light rail lines.
  • Retail – positioned as the dominant entertainment, shopping and dining destination in the urban core leveraging Kia Center visitors, office worker population, and proximity to surrounding affluent communities
  • Hospitality – 265-key lifestyle hotel featuring an outdoor lounge, pool deck, marquee restaurant, and 16,000 square feet of meeting space, catering to both business and leisure travelers, providing a premier venue for events and conferences.
  • Live Events Venue – 3,500-capacity live events venue.
  • Residential – best-in-market residential product including high rise views, hotel amenities, and a prime downtown location.
  • Office – 300,000 square feet of premium, Class A office space, with 30% pre-committed. Elevating the corporate experience, the office building will include a rooftop amenity sprawling 17,000-square-foot and will feature a 6,000-square-foot, glass-enclosed event space for various corporate and hospitality uses.

JMA Value Creation

Westcourt Orlando will be a catalyst for redefining downtown Orlando. It will transform an empty lot into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA’s roles will include the following:

Master developer /  developer for the entire project

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

Martis Valley Lodge

Martis Valley Lodge

Truckee, CA

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.

Asset Type

Hotel
ACQUIRED

December 2023

Scope

109 Keys

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

Sawyer Hotel & Residences

The Sawyer Exterior

Sawyer Hotel & Residences

Sacramento, CA

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
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 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
VISIT PROJECT WEBSITE

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

VISIT PROJECT WEBSITE

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
VISIT PROJECT 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

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

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.