EU Business News Q2 2018

20 EU BUSINESS NEWS / Q2 2018 , Henley USA Expands to Hospitality Market in South Florida Twohotel acquisitions and the launchof aunique private and shared accommodations concept inMiami further diversifiesHenleyUSA’s portfolio. Established in 2006, Henley is a leading UK private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare, land infrastructure, debt and other alternative real estate assets. Since inception, Henley has approximately doubled in size every year. The company currently has around $2 billion in assets under management. With offices in Boston, Massachusetts; Newport Beach, California and Naples, Florida, Henley USA is headed by Garrett Solomon, who previously founded the award- winning, nationally recognised residential land development and management company, Corbelis. Prior to forming Corbelis in 2012, Solomon spent almost two decades with a series of well-known real estate private equity firms. Henley has purchased two hotels in the vibrant urban areas of Little Havana and South Beach, Miami. It will fund the transformation of the properties by introducing both private and shared accommodations at each location, providing travellers more options than a traditional hotel or Airbnb stay. Garrett Solomon, President of Henley USA, remarks: “Each property will take its cues from the surrounding community, combining the social aspects of staying in a hostel with innovative design, high-quality amenities and locally influenced food and beverage.” Located in one of the United States’ top-performing hospitality markets, the Miami properties have been purchased for $15.4M and will undergo a renovation and repositioning program under the management of Life House, an experienced technology-driven, lifestyle hotel company. Ian Rickwood, CEO of Henley, comments: “Miami’s popularity as a holiday destination is showing no sign of slowing down. However, affordable, community-oriented lodgings are in limited supply, with only one high-end hostel located in Miami Beach. Through repositioning these properties as boutique hotels with the option for shared accommodations, we can both maximise the value of the assets and deliver returns to our investors, whilst adding to the supply of this popular but highly fragmented sector. “There is good scope to build on the growing popularity of Little Havana and the famous South of Fifth area in Miami Beach, particularly as there are significant hotel supply restrictions in both areas due to a prohibitive zoning ordinance. We plan to roll out more assets like these in the coming months across the USA.”