Thayer close on Grande Lakes sale
Private Equity Fund Of Funds Thayer Lodging Group has completed the sale of the 1,582-room
Grande Lakes Resort in Orlando, Florida to Orlando-based CNL Hotels
& Resorts for $753 million.
FF&P Private Equity provides its clients with the opportunity to invest in the equity of high growth, unquoted companies whose objective is to generate attractive returns through the subsequent listing, or trade sale, of these companies. FF&P Private Equity invests typically â5 million to â25 million of equity per transaction and places particular emphasis on backing commercial managers with a track record in successful execution of business plans and enhancing shareholder value. //www.ffandp. equity.
Curve Equity Exposed Fund "We are very pleased that the sale represents a compounded
annual return to Thayer's investors in excess of 40 percent," said
Thayer Co-Chairman Frederic V. Malek. "The sale of this
extraordinary luxury resort hotel is consistent with our investment
strategy and capitalizes on a very strong capital market and one of
the best performing major hotel markets in the
United States."
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Equity Income Funds The award-winning Grande Lakes Resort was developed by Thayer
and Marriott International, with construction commencing in the
spring of 2001.
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Capital Casebook Equity The Resort opened on time and on budget to accolades in July
2003 and has performed exceedingly well since its opening.
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Private Investment In Public It contains a 584-room Ritz Carlton Hotel, a 998-room JW
Marriott Hotel, over 125,000 square feet of meeting space, a 40,000
square foot spa, and an 18-hole championship golf course
designed by Greg Norman, all
located on a 500-acre site at the headwaters of the
Everglades.
Return on capital employed Operating profit plus interest income as a percentage of average capital employed, calculated as opening plus closing capital employed divided by two. Return on equity Profit for the period as a percentage of average equity, calculated as opening plus closing equity divided by two. Equity ratio Equity as a percentage of total assets. bearing capital Total of equity, minority interests, shareholder’s loans and deferred tax liability divided by total assets.
Equity Mutual Funds According to Lee Pillsbury, co-chairman, president and CEO of
Thayer, "Grande Lakes reflects the vision of Marriott and Thayer to
create a world-class luxury resort in Orlando on a grand scale. The
spectacular success of Thayer's investment is strong evidence of
the wisdom of this vision."
Birmingham Contact Equity Eastdil Realty was retained by Thayer as an advisor to the deal,
Ritz Carlton will continue to manage the Ritz Carlton Hotel, Spa
and Golf Course and Marriott International will continue to manage
the JW Marriott Hotel.
Private Equity Investment Firm The sale of Grande Lakes will conclude Thayer's successful sale
of $1.5 billion in hotel real estate over a
nine-month period.
Complying Deal Equity Funds Other transactions closed by Thayer in that time period include
the sale of the 1,334-room Marriott Wardman Park Hotel in
Washington, D.C. in July 2005 for $300 million (representing 2.4
times return on invested equity and 17% compounded annual return),
an eight hotel portfolio comprising Thayer Hotel Investors II in
July 2005 for $266 million (representing 2.1 times return on
invested equity and 29% compounded annual return) and the RIHGA
Royal New York in May 2005 for approximately $190 million.
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