US: 21c Museum Hotels has formed a JV with Junius Real Estate Partners to develop up to $250 million in projects.
US: 21c Museum Hotels has formed a JV with Junius Real Estate Partners to develop up to $250 million in projects.
Junius Real Estate Partners, a specialised real estate investment unit of J.P. Morgan Private Bank, has announced that Junius Hospitality Partners (JHP), a fund managed by Junius, has made an investment in the Kentucky-based operator.
Under the agreement, JHP will “deploy dedicated capital toward building or acquiring properties for 21c’s expansion. As part of the transaction, JHP will own a minority stake in the operating company”.
“21c is positioned for meaningful growth,” said 21c Museum Hotels co-founder and CEO Steve Wilson. “We have devoted significant time and care in finding the right strategic partner for this next phase. The Junius team has an appreciation for our brand, our mission and our company culture. Their forward-thinking investment strategy and experience in both the hotel industry and in real estate development make them an ideal partner.”
Richard Gomel, partner and senior investment officer at Junius, said: “Junius is extremely excited to be partnering with 21c. We have been thoroughly impressed by the quality and passion of their team to deliver meaningful, innovative and authentic guest experiences while having a positive impact in the local communities they serve. Their strong brand, combined with their solid operating platform, have yielded attractive investment returns and enhanced real estate values. We look forward to participating in the growth of this special company.”
Dedicated Junius capital will give 21c the ability to develop up to $250 million in projects. Financing has closed on their first joint venture, the development of 21c Museum Hotel Nashville. 21c Nashville, a historic renovation of downtown’s Gray & Dudley Building, is scheduled to open the first half of 2017. The property will include 124 rooms, more than 10,500 square feet of museum and event space, and five rooftop-level rooms, including two suites, with private terraces. 21c will manage the property and have joint ownership.
21cMuseumHotels.com
www.juniusrep.com
