Tag: Acquires

Eldridge Acquires the Hudson Hotel and Delano South Beach from sbe

GREENWICH, Conn.–(BUSINESS WIRE)–Eldridge, a holding company with a unique network of businesses across finance, technology, real estate, and entertainment, has today completed the acquisition of the Hudson Hotel and Delano South Beach, located in New York City and Miami, respectively. Cain International, Eldridge’s real estate investment firm, has been appointed to lead a strategic repositioning of both assets. sbe will retain the Hudson and Delano brand names.

The Hudson Hotel is an 878-key hotel located at 356 West 58th Street between 8th and 9th Avenues in Midtown Manhattan. Built in 1929, the hotel enjoys a prime central position, moments away from Central Park, with easy access to world-renowned cultural and entertainment establishments.

Long regarded as one of Miami’s top luxury hotels, Delano South Beach is a 191-key hotel located on the famed Collins Avenue. The historic property was built in 1947 and sits in the Art Deco Historic District. The hotel further benefits from direct beach frontage and several food and beverage operations.

Delano South Beach closed in March 2020 in response to the COVID-19 pandemic and the property will remain closed in anticipation of a significant refurbishment. The Hudson Hotel will also be shutting down all remaining hotel operations in December 2020 in anticipation of a planned upgrade and repositioning. The hotel has not undergone a major renovation in nearly 20 years.

This strategic repositioning appointment will add to Cain International’s growing footprint in the luxury hospitality space, a sector which the firm has exposure to across several gateway cities in the US and Europe. Its US hospitality investments include the Waldorf Astoria Beverly Hills, the Beverly Hilton Hotel, the Raffles Hotel and Residences Boston Back Bay, and the financing of the Aman Hotel & Residences in New York City’s historic Crown Building. The firm has also partnered with leading hospitality brands: Oberoi, Soho House, Six Senses and Rosewood Hotels & Resorts for projects in the UK, France, and Italy.

About Eldridge

Eldridge grows diversified businesses with a focus on Insurance, Credit, Technology, Real Estate, Sports and Media, and Consumer. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

To learn more about Eldridge, please visit www.eldridge.com.

About Cain International

Cain International is a privately held real estate investment firm operating in Europe and the United States. Since 2014, the company has invested $6 billion into real estate debt and equity. Cain International also invests in lifestyle & leisure businesses that deliver experiences, services and amenities for modern consumers. Cain International is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain International Advisers Limited, the firm’s asset management and investment advisory division, is an SEC-registered investment adviser. Further information is available at www.cainint.com.

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Vacation Innovations Acquires Travel Technology Platform and Private Client Pioneer Holiday Systems International

HSI was founded in 1993 by Craig Morganson and has earned its reputation as a leading developer of award-winning, travel-related technology and membership-based discount programs, producing some of the most sophisticated software and user interfaces in the travel industry for enterprise and direct-to-consumer use, including loyalty systems, booking engines, membership systems, employee benefit programs, travel agency booking platforms, corporate travel systems, travel gift cards and more.

“I’m incredibly proud of all HSI has accomplished but also realize the brand is capable of much more with the right partner,” said Morganson. “I have been presented with numerous opportunities over the years, but Vacation Innovations is the right company at the right time. Their expertise in sales and marketing, diverse suite of products and services, and commitment to adding value across its brands make this the right fit. I’m confident that Vacation Innovations will grow HSI with passion.”

The Company’s acquisition of HSI is expected to continue the brand’s forward momentum, further expanding Vacation Innovations’ product offerings and market share by adding 12 brands to the VI portfolio, along with an impressive suite of established travel products and new products in development. To help fuel this growth, Vacation Innovations has already increased the HSI workforce by nearly 20 percent since acquiring the brand in early July and is continuing to hire for new roles.

“We’re thrilled to add HSI to our family of brands,” said Chad Newbold, CEO of Vacation Innovations. “Our goal is to expand upon their previous success by refining existing products and bringing new services and features to market. HSI has a history of developing best-in-class software for the travel industry that’s a step above the competition, and we are prepared and excited to use our resources and scale to maximize the value of the HSI platform and accelerate our collective growth.”

This acquisition will further increase VI’s service of the timeshare market, as well as the broader travel market. HSI’s wide range of products and services will help Vacation Innovations to serve developers more effectively by offering lead generation and customizable technology solutions, while also driving additional tours. Combining HSI’s one-click checkout with the significant traffic—nearly 5 million visits annually—generated across Vacation Innovations’ strategic web presence will help immediately position the Company as a leader in resort rental.

Bryan Rand, President of Vacation Innovations, commented, “HSI is a critical addition to the Vacation Innovations family of brands. This acquisition helps position us to deliver even more value to consumers and our developer and resort partners. We are actively hiring additional talent to add the depth we need to deliver exceptional new products, are hard at work adding new features to HSI’s existing systems and programs, and will have several exciting announcements this fall as we roll out these enhancements. Working with our investment partner, Tritium Partners, we are aggressively evaluating additional M&A and joint venture opportunities that will allow VI to leverage its leadership position in the secondary vacation ownership market across the broader travel market.”

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