Corten invests directly in middle-market, transitional real estate assets in need of physical or financial re-positioning through its vertically integrated multi-family, office and hospitality platforms.
THE MADISON HOTEL, WASHINGTON D.C.
PM Hotel Group is the Platform’s hotel management company. Formed in 1996 to complement the organization’s hotel development and acquisition business, PM Hotel Group currently manages approximately 9,000 rooms (19th in the U.S) across the full-service, luxury, lifestyle and select-service segments. PM Hotel Group is a preferred management company for brands within the Hilton, Marriott and IHG franchise systems and has participated in the development, acquisition and renovation of hotels with market capitalization in excess of $2 billion
Managing Partner Specialization: David Pollin
In-house Management Co: PM Hotel Group
§ Originate and/or acquire preferred equity and mezzanine debt investments in the hospitality space which Corten believes currently represents the best risk-adjusted returns in this space
§ Acquire junior debt positions from senior lenders who are seeking a capital cushion in the debt stack that comes with operational and development expertise
§ Provide preferred equity to pay down existing senior loans that are triggering covenants associated with LTV and debt yield tests
§ Provide capital to fund both PIP and post-renovation operational ramp-up scenarios for transitional hotels