Category Archives: Entrepreneur

Fortress Investment Group bolstering Times Square

Fortress Investment Group is bolstering its presence on Times Square in New York City.

According to a Sept. 11 article published in Livenewspaper, FIG purchased the historic Palace Theater with several partners back in February. Located just across the street from the currently under-construction Marriott Edition, the hotel that houses the Palace was sold before those renovations began.

Fortress Investment Group teamed up with Maefield Development to purchase 20 Times Square, buying out their partners including New Valley, Ian Schrager, Steve Witkoff and Winthrop Realty Trust for $1.53 billion, according to the article. The deal gave FIG full ownership of the property.

FIG is an investment management firm that oversees alternative assets in private equity, liquid hedge funds and credit funds. Highly diversified, it acts on behalf of more than 1,500 institutional and private clients.

The building was originally purchased by investors for $430 million in 2012. Following the purchase, it was announced that a luxury hotel would be immediately built, but construction did not begin until 2015 due to a number of problems that slowed the effort.

The Edition itself is 39 stories tall and has 450 rooms, plus additional retail space. Maefield was seeking additional capital for construction when the most recent deal closed.

The partners are planning to seek $1.3 billion to cover construction costs on their numerous Times Square holdings. They hope to rehabilitate the Palace Theater, expand the hotel and build a massive outdoor sign screen.

Fortress Investment Group was purchased by Japan’s SoftBank Group in 2017 for $3.3 billion and remains headquartered in New York City. Founded in 1997, FIG is the first publicly traded private equity frim in the United States.

Fortress Investment Group currently manages more than $70 billion in assets. and was named the 2014 Hedge Fund Manager of the Year, in addition to receiving several other awards.

Shiraz Boghani Of Splendid Hospitality Group Bags The Prestigious Hotelier Of The Year Accolade

Shiraz Boghani is a man who has changed the hospitality department in the recent times. Many people recognize the UK based entrepreneur because of his group of hotels that has been performing so well. Mr. Boghani started this career path after trying his luck in the finance world. Although he was highly experienced in finance matters, Shiraz Boghani abandoned his career because he felt that customers in the hotel industry were not being offered the services they desired. This was one of the best things that happened in his life because a few years later, Boghani is one of the most successful personalities in the department.

Mr. Boghani wins a prestigious award

Boghani is not a stranger to success. For some time now, he has been working as the chairman of a leading company called Splendid Hospitality Group. As the chairman of the large organization, Shiraz has been issued with numerous responsibilities. For instance, it is his duty to ensure that the company is making profits and making the right decisions, regardless of the changes that take place in the market. His leadership has made the company successful and the envy of many investors from all over the world. His team has also been performing well because of his guidance.

This year, Shiraz Boghani got one of the coveted awards in the hotel industry. Boghani has been recognized as the Hotelier of the Year by the Asian Business Awards. The recognition has made the finance executive very proud, but he says that his team has played a leading role in achievements. Mr. Shiraz Boghani has completed many projects in the recent times, and they have all brought a smile in the faces of the customers.

Shiraz Boghani Role in Sussex Healthcare

Shiraz has also invested well in the healthcare department. More than twenty years ago, the hotelier partnered with a dental surgeon, and together, they founded one organization called Sussex Healthcare. The firm has been offering special care to the elderly individuals living in the United Kingdom. Shiraz has been serving as the co-chairman of Sussex and his wisdom has enabled the healthcare company to transform the lives of the patients who depend on the services of the firm.

Follow Shiraz Boghani on Twitter

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