ScanlanKemperBard, which already invests in a wide range of property types, is now pushing into the hotel sector. The Portland, Ore., investment firm has formed a hotel unit and recruited industry veteran Robert Riley to run it. Riley, who joined two weeks ago, is president and chief executive of the platform, SKB Hotel Group, which will buy and develop hotels and provide advisory services to other hotel owners.
Riley most recently ran his own advisory and investment shop, Riley Group of Park City, Utah. Before that, he was chief executive of Armani Hotels & Resorts, Le Meridian Hotels & Resorts and Mandarin Oriental Hotel Group, which he led for 10 years in Hong Kong.
SKB Hotel hasn’t set an investment goal, but already has a couple of plays under way. It has agreed to buy a development site in Jackson Hole, Wyo. And it is kicking in equity for the development of a resort complex on a 95-acre site in Napa, Calif. That $275 million project, led by Denver developers Jeff Selby and Randy Nichols, will include luxury villas and a winery. Construction is scheduled to begin next spring.
ScanlanKemperBard, led by chief executive Robert Scanlan, was formed in 1993. The firm, which was battered during the market downturn, began actively investing again last year. Its largest deal in the current cycle was last month’s $67 million acquisition of the mixed-use CityCenter complex in Phoenix. That 628,000-square-footp roperty cost nearly $300 million to build. ScanlanKemperBard teamed up with Wayzata Investments of Wayzata, Minn., to buy the complex from a lending syndicate that had foreclosed.