Hotel Equities, Virtua Partners Form 33 Degrees
Hotel Equities and affiliated global private equity group Virtua Partners have launched 33 Degrees, a master brand encompassing a portfolio of companies:
- Hotel Equities: Hotel operating and development firm with a portfolio of brands, including Marriott, Hilton, IHG, Hard Rock and Hyatt. The portfolio consists of luxury, resort, full-service, select-service, boutique, independent and lifestyle hotels.
- 33 Degrees Financing: Formerly known as Virtua Credit, specializing in capital arrangement for institutional real estate assets.
- Versant Property Management: Provides comprehensive and customized property management solutions for commercial, restaurant and entertainment social venues including tenant relations, leasing negotiations and property improvement construction oversight.
- Versant Commercial Brokerage: Offering real estate brokerage and advisory services.
- Clear Vista Management: Asset management and investor relations services designed to maximize the value of properties on behalf of clients.
33 Degrees and its operating companies are based in Alpharetta, GA, and Scottsdale, AZ, at 33 degrees latitude, which is the genesis of the 33 Degrees brand. 33 Degrees’ integrated portfolio of companies enables its affiliates to focus on creating value to properties within any stage of the lifecycle while generating a maximum return on investment (ROI) for its stakeholders, according to the master brand.
“[The creation of the master brand] allows us to capitalize on shared resources while streamlining and improving upon business efficiencies,” said Quinn Palomino, 33 Degrees chairman of the board. “It also gives us the ability to better scale when serving clients and investors. We’re confident our decision to form this new entity will be a success as we are better aligned for the growth ahead.”
“33 Degrees is another exciting milestone for Hotel Equities and Virtua Partners,” said Brad Rahinsky, CEO of Hotel Equities and 33 Degrees. “We look forward to building upon our 30-plus year history while integrating with our affiliates under the new name focused on property lifecycle ownership and management. We’re confident this model opens more doors for growth while providing clients and partners access to the unparalleled resources made available to them through improved scale and efficiencies created by the organization.”