Tribeca Associates managing partner Mark Gordon is starting an investment fund to purchase and add value to hotels.

The venture, Intrinsic Hotel Capital, will be independent of Tribeca Associates, and it is attempting to raise $500M to purchase about 10 hotels in the next two years. Gordon's partner in the enterprise is former Deutsche Bank and Natixis executive Joe Vassallo, The Real Deal reports.

Intrinsic Hotel Capital will be focused on acquiring hotels "that are already performing well but where we can effectuate enhanced cash flow," Gordon told TRD. Intrinsic will spruce up its purchases with physical improvements, new marketing and brand management, and creative food and beverage options.

Gordon ran Cushman & Wakefield's hotel arm before founding Tribeca Associates. The Baccarat Hotel & Residences, which Gordon developed with Tribeca, sold for a U.S. record price of $2.1M/room, for a total of $230M, to Chinese company Sunshine Insurance group in 2015.