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Hilton

A-Rod Comes to the Rescue for Select Hilton Hotels

A-Rod Comes to the Rescue for Select Hilton Hotels
Joe Cortez

Former World Series Champion and New York Yankee Alex Rodriguez will slide into the hospitality industry starting in 2021. Teaming with Maverick CP and CGI Merchant Group, A-Rod will become an investor in 20 select Hilton properties in North America and the Caribbean.

World champion baseball player-turned-business leader Alex Rodriguez will step to the plate in the hospitality industry, hoping to hit a home run with a select group of Hilton Hotels properties. In a press release, the former New York Yankee announced his company would be an investor in 20 destinations located in North America and the Caribbean starting in 2021.

Hospitality Opportunity Fund to Invest in Developing Hotel Properties

Through his investment firm A-Rod Corp, Rodriguez will team with Maverick CP to create a joint venture focused on hospitality investments. Named the Hospitality Opportunity Fund, the group will put $650 million towards hotel developments alongside management company CGI Merchant Group.

The group hoping to build a hospitality portfolio focused on improving destinations through new construction and tourism. Although the group will align with Hilton and add to their portfolio of over 6,000 properties, it’s unclear which sub-brands or segments the group will target.

“There’s a growing demand from consumers who are looking for value beyond the experiences they want to have,” Raoul Thomas, chief executive and founder of CGI, told the Miami Herald about the new venture. “They want to know where their dollars go, are they making an impact in the communities around the hotels and if the hotel is being a responsible steward of the community and giving back.”

The group is expected to announce their first acquisitions in the opening months of the year. Their goal is to grow to their target ownership number by the end of 2024.

Investment Comes as Hilton Works to Welcome Guests in 2021

The new hotel investments comes as Hilton is working to welcome guests back to their hotels, after a dismal year caused by the COVID-19 pandemic. In addition to reducing the number of nights needed to earn Hilton Honors elite status, the hospitality brand is also offering guests unlimited bonus points for checking in, or staying five nights across their network.

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