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AB's head of private alternatives, Matt Bass, tells REC USA the CarVal acquisition fills gaps in its opportunistic and distressed credit capabilities.
The Los Angeles lender is making a bet on Class A New York office space, alongside co-living and student housing assets.
New York skyline
New chief executive eyes more $50m-plus and multi-property deals.
It is part of a $138.7m financing package for Grand Heritage Hotel Group.
The partners have an initial $500m of lending capacity and could see that increase as opportunities arise.
The firm is seeing distress creep in as the covid-19 pandemic continues to tamp down recovery.
Blackstone and Starwood’s sweetening of an already sweetened offer shows a strong conviction in the sector.
A wide-angle shot of Honolulu's coastline
The oversubscribed vehicle attracted commitments from institutional investors and high-net-worth individuals alike betting on a hospitality comeback.
Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.

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