After failing to buy the Mets, Alex Rodriguez embarks on another troubled entity – the hotel business.
A-Rod is expected to invest in a $ 650 million fund to acquire and develop 20 hotels in North America and the Caribbean over the next three years, according to the Miami Herald.
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The former Yankees star’s group hope to profit from the industry’s economic woes caused by the COVID-19 pandemic, said Raoul Thomas, who heads a Miami-based investment firm that Rodriguez is teaming up with alongside Adi Chugh, founder of New York Maverick. Commercial properties.
Their plan is to reposition the hotels under the Hilton brand.
Rodriguez, 45, has invested in numerous companies since his retirement in 2016 after a baseball career largely marred by his relentless lies about the use of DEPs.
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But perhaps no business was more ambitious than his candidacy with fiancee Jennifer Lopez to buy the Mets.
After a months-long lawsuit, the Wilpon family ended up selling the team to hedge fund honcho Steve Cohen for $ 2.42 billion in September.
Rodriguez, who is also an ESPN and Fox baseball analyst, and Lopez are said to have a combined net worth of around $ 700 million.