PHILLY: Arden Group Launching Second Fund
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Arden Group is launching its second fund in less than two years, aimed at rescuing and repositioning floundering hotel and office assets. Founder Craig Spencer tells us that it'll happen later this month, with intial closing planned for Q1 '14. The target capital raise: $250M, providing the company with $750M in buying power. Craig plans on sticking to his investment strategy of buying these assets in the 20 largest cities that clearly demonstrate positive demand factors like high white-collar job growth. Fund one, launched in April 2012, snared four hotels and two office buildings at a cost of $250M, including a $55M investment in the Westin Perimeter North Hotel in Atlanta, the fund's largest to date.