PHOENIX— While at The Lodging Conference last week, The Arden Group, a major real estate investment company, and Gemstone Resorts, a resort and unique hotel management company, announced the formation of a joint venture. The new entity was designed to acquire, asset manage, and operate four- and five-star hotels and resorts in the United States, Hawaii, Mexico and the Caribbean. With its first transaction already in play, the joint venture has taken on two hotels: the Savoy Hotel in Miamis South Beach, and the Omni Colonnade in Coral Gables, FL. Gemstones expertise, which includes experience in a variety of resort operations, including food and beverage, timeshare, condominiums and residential facilities, is expected to make the move especially easy for the group. “There arent many people who can do all of that,” said Mark van Hartesvelt, principal of Gemstone, in an interview with HOTEL BUSINESS during the Lodging Conference. In many cases, van Hartesvelt said he expects the company will replace various management entities, which specialize in only one aspect of these “unique” properties operations.” The new venture will aim to bring all of the properties operations under one management structure, ensuring that all components of the resort work together for maximum profitability. The joint venture is now actively seeking to acquire additional properties, with a goal of acquiring approximately $250 million over the next 18 months. -Shannon McMullen
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