Real Asset Investments · Hospitality Focus

Own The Room.

Per Key. Per Cover. Per Member.

Maroon Bay Capital is a real-asset investment platform with a particular focus on hospitality. We take a programmatic approach: we acquire, invest in and reposition luxury hotels and branded residences in markets where new supply is hard to add, we are expanding into restaurants and members' clubs, and we consult for owners and developers on projects of their own. We invest our own capital alongside the best operators and developers, and we underwrite every deal to its worst season before its best one.

Submit A Deal → What We Look For
MAROON BAY CAPITAL / ACTIVE MANDATES · Q4 2026 3 mandatesTwo Continents
Houston skyline at dusk from a hotel suite
Mandate 01Development

Houston

Investment in a new five-star hotel and branded residences in a major Sun Belt city.

Program
200+ keys, 100+ residences, spa, destination F&B
Scale
$500M+
total capitalization
Role
Equity partner alongside a global luxury flag
Structure
Residences presold before groundbreaking; hotel held long term
StagePartner Selection
Miami Beach hotel pool and ocean
Mandate 02Development

Miami Beach

Investment in a mixed-use luxury tower: branded residences, boutique hotel, members' club.

Program
Residences, boutique hotel, private club, destination F&B
Scale
$500M+
total capitalization
Role
Equity partner alongside a local developer and a hospitality operator
Structure
Hospitality program raises residential pricing and absorption
StageEntitlements
Waterfront promenade on the Côte d'Azur
Mandate 03Strategic Investments

Côte d'Azur

Strategic Investments in waterfront luxury hotels on the French Riviera.

Program
Re-plan the keys, add residences, villas and beach-club programs
Scale
$400M+
combined capitalization
Role
Investor and structuring partner, alongside a capital partner
Structure
Acquisitions and recapitalizations with seller participation
StageDiligence
Stages: sourcing · structuring · approvals · execution Mandates anonymized · sizes are ranges · names, brands and partners withheld
$1.4B+
total capitalization across active hotel mandates
800+
hotel keys and residences in the pipeline
3
active mandates in Houston, Miami Beach and the Côte d'Azur
3
strategies: development, repositioning and complex situations
2
continents: North America and Europe
The Thesis

Hospitality is bought on its best summer and lost in its worst winter. Our returns come from operating execution, not market timing or cap-rate compression. We buy the best address, underwrite the off-season, then add value inside it: better rooms, better tables, a members' program, the right operator. We own the real estate and hold.

Strategies

Three Ways
Into A Hotel.

We invest across the life of a luxury hotel: backing a new one, repositioning an existing one, or acquiring it from an owner who needs a certain answer. The mandates above cover the first two. The third is where the best pricing usually is. The same discipline now extends to restaurants and members' clubs, underwritten per cover and per member the way hotels are underwritten per key.

01

Development

We invest in new luxury hotels with branded residences in cities where few sites remain. Residences are presold before construction starts, so buyer deposits carry part of the construction risk and the hotel is left as a long-term hold.

ProgramHotel + residences + F&B
PositionPartner with flag or developer
In The Pipeline · Houston · Miami Beach
02

Repositioning

Existing hotels at addresses that can't be replicated, but that are under-branded, over-keyed or under-programmed. We re-plan rooms into fewer, larger keys, carve out residences, re-flag to a top luxury brand and rebuild F&B and beach programs.

LeversRe-flag · re-key · residences
PositionLead with a capital partner
In The Pipeline · Côte d'Azur
03

Complex situations

Recapitalizations, company acquisitions, seller-financed transfers and hotels that need a new owner. Families and lenders call us when speed and certainty matter more than the last dollar of price.

FormsShare deals · recaps · seller paper
PositionControl or structured equity
ProtectionHoldbacks for capex and key money
Selective · off-market only
Consulting · Selected Engagements

We Also
Consult.

The same team that runs our own deals works with developers, owners and operators on theirs: underwriting, structure, partner selection and execution. Consulting keeps us close to deal flow outside our own markets and sectors.

Real Estate · Florida

Mixed-Use Master Plan

Underwriting and structuring for a developer's large mixed-use master plan with hospitality, F&B and retail phases: financial models, offering materials, construction-debt sizing and capital-structure options.

ScopeUnderwriting · structure
ProgramHospitality · F&B · retail
Energy · Power

Power And Data Centers

Consulting on powered land for data-center campuses and on sourcing large gas-turbine generation, where long-lived physical assets and project finance look a lot like a hotel PropCo.

ScopeSites · equipment · structure
AssetsPowered land · generation
Hospitality · Mexico

Boutique Hotel

Asset management, revenue management and distribution for an independent boutique hotel on the Mexican Caribbean, paid on the hotel's revenue.

ScopeAsset mgmt · revenue · distribution
MarketRiviera Maya
Investment Criteria

What we
look for.

If a hotel or site fits most of these, we want to see it. We give a first answer within days, and the people who give it are the people who will sign.

Criterion
What We Look For
Asset
Five-star and luxury lifestyle hotels; hotel-led mixed use with branded residences, members' clubs and destination F&B
Markets
Gateway U.S. cities and Mediterranean resort towns where new luxury supply is hard to add
Size
Roughly $100M to $600M of total capitalization per project
Position
Control equity and joint ventures alongside operators and developers, or structured equity with a downside cushion
Structure
PropCo / OpCo; residential presales ahead of construction; seller participation where it aligns interests
Operator
Operator chosen first, then the flag: global luxury brands or proven independents
Exit
Residential sell-out, then sale, recapitalization or refinancing of the stabilized hotel
We pass on
Speculative leverage, markets where luxury supply is easy to add, and deals that only work if cap rates fall
Deal Anatomy

Own The Dirt.
Partner On The Keys.

Every deal is split in two. The real estate, its construction debt and its residences sit in a property company. The hotel business, its operator, its brand and its restaurants sit in an operating company. Each can be financed, owned and sold on its own terms.

SellersFamilies, developers and lenders, off-market
Capital partnersPartner capital, invested deal by deal
MAROON
BAY
Lead investorSources, structures, executes, realizes
PropCoLand, building, construction debt, residences
OpCoOperator, flag, F&B and club
01 · Source

Off-market

Developer and operator networks give us early access before a broad sale process, outside crowded broker-led markets.

02 · Structure

Split And Size

PropCo / OpCo, debt sized to the downside case, presales and seller participation used to share risk.

03 · Execute

Operator-led

Revenue growth, expense discipline and high-return capital spending, with the operator's own team accountable.

04 · Realize

More than one exit

Residences sold through, then a sale, recapitalization or refinancing of the stabilized hotel when the timing is right.

Underwriting

Plan The Bad
Season First.

A hotel only pays its lenders when enough rooms sell. Every deal we lead has to clear that line in a bad year, not just a good one. Cut the season, add leverage, and see how much room is left.

Monthly Occupancy · Downside Vs. Base CaseRiviera Season
Clears debt serviceBelow the debt lineBase case
Clearance over debt service
+11
Average occupancy, downside63%
Covers debt service at52%
Months that clear on their own5 of 7

Illustrative hotel, not a Maroon Bay asset. Operating breakeven at 40% occupancy; each point of loan to value adds 0.3 points to the debt-service line. Riviera averages are over the months the hotel is open.

Presell First

Buyers before construction

On developments, a meaningful share of the residences is presold before we break ground. Buyer deposits fund part of construction.

Borrow Less

Debt A Bad Year Can Carry

Loans are sized to downside cash flow. We avoid speculative leverage, even when lenders offer more.

Hold Back

Reserves at closing

On acquisitions, part of the price is held back against renovation, FF&E and brand key money, so the plan is funded before it starts.

Who We Work With

One Hotel.
Three Partners.

Every hotel we invest in has someone who sold it, someone who runs it and someone who helped pay for it. We want each of them back for the next one.

For Sellers And Families

A Certain Answer From The People Who Will Own It.

    The Group

    Three companies.
    One owner.

    SKF Holdings owns the platform and commits its own capital. Maroon Bay Capital leads and manages the hospitality investments: hotels first, and now restaurants and members' clubs. Maroon Bay Labs builds the tools our deal and asset-management teams use every day.

    StructureHolding → investments → labs
    Holding
    Company
    SKF HoldingsHolds the operating companies, sets risk limits and invests its own capital alongside partners.
    Investment &
    Management
    Maroon Bay CapitalSources, structures and asset-manages luxury hotel and branded-residence investments.
    Proptech &
    Insurtech
    Maroon Bay LabsBuilds the data and risk tools behind our underwriting and asset management.
    Maroon Bay LabsBuilt For Our Deals First
    In Use Across The Pipeline
    The Deal Desk
    In House
    01
    Season-by-season underwritingDownside models for every hotel we look at, by month, by market, before the first site visit.
    02
    Operator dataPace, rate and departmental results pulled from operator systems into one weekly asset report.
    03
    Residences trackerPresale pace, deposits and buyer pipeline against the construction draw schedule.
    04
    Insurance and riskStorm, property and liability exposure priced before closing and monitored for the life of the hold.

    Labs also builds and backs proptech and insurtech software for other owners and insurers.

    Cadence
    Weekly

    performance, pace and capital reviews with every operator, not a quarterly report.

    Governance
    2-key

    approval on every capital draw and every change to a hotel's budget or debt.

    Alignment
    Same side

    Our own capital goes into the deals we bring, next to our partners'.

    Value Creation

    Execution over
    engineering.

    Our team has spent its career acquiring, investing in, financing and repositioning real estate and hotels. We take each investment through every stage below, and we stay with it after it opens.

    01

    Source

    Off-market sites and hotels through owners, families, developers and lenders.

    02

    Structure

    PropCo / OpCo, debt sized to the downside, reserves at closing.

    03

    Flag

    Operator first, then brand, on terms that keep owner control.

    04

    Invest

    Capital into rooms, residences, F&B, spa and club, priced to the market.

    05

    Sell Through

    Residences presold and closed; the hotel opens and stabilizes.

    06

    Hold

    Weekly asset management, then sale, recap or refinance.

    Deal Submissions · Sellers, Operators, Developers And Capital Partners

    Bring Us
    A Room.

    Send us a hotel, a restaurant, a club, a site or a situation: an asset for sale, a development that needs a partner, or a hotel that needs a new owner. Tell us what it is and where, and one of the principals will reach out.