Colony Capital LLC
Encyclopedia
Colony Capital is a private, international investment firm based in Los Angeles, California
. The company, founded in 1991, has over 250 employees operating in 11 offices around the world. The company focuses on real estate
opportunities around the world either on its own, through funds run by the company, or in joint venture
s. In particular, Colony invests in real estate and real estate-related debt investments, real estate-dependent operating companies, non-performing loans, distressed assets and select development opportunities throughout the world. The company is run by businessman Thomas J. Barrack, Jr.. In 2010, Colony was reported to manage about $30 Bn in investments. In 2011, Colony was tied for 3rd largest private equity real estate
fund in the world, behind Blackstone Group
and Morgan Stanley Real Estate.
on July 18, 2005. This included the 41 hotel
s and resort
s operated under the Raffles Hotel
and Swissotel
brand names. There are plans to expand the chains, particularly in Asia
.
On January 30, 2006, it acquired Fairmont Hotels and Resorts
of Toronto
, Ontario
with Kingdom Hotels International
as a joint partner for US$
3.24 billion.
On April 10, 2006, it acquired French professional football
(soccer) team Paris Saint-Germain.
On February 25, 2007, it signed a definitive agreement to acquire Station Casinos
alongside members of the founding Fertitta family for US$5.5 billion, or US$90/share.
On November 11, 2008, Michael Jackson
transferred the title of his 2,700 acre estate Neverland Ranch
to Sycamore Valley Ranch Company LLC, a joint venture between Jackson (represented by attorney, L. Londell McMillan) and an affiliate of Colony Capital. It is unclear if the Jackson estate still owns the property. The Santa Barbara County Assessor's Office stated Jackson sold the property for US$35 million.
In March 2010, Colony arranged a financing and marketing package for Annie Leibovitz
. The New York celebrity photographer had been in financial difficulty and in danger of losing the rights to her photographs and negatives and her three Greenwich Village townhouses to her previous lender, ArtCapital. ArtCapital's credit was for $24 million.
In December 2010, Colony purchased Miramax with Qatar Holding and Ron Tutor for $663 million .
Casino
s.
Colony is also involved in investing in luxury hotels and resorts in Asia
and North America
:
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
. The company, founded in 1991, has over 250 employees operating in 11 offices around the world. The company focuses on real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
opportunities around the world either on its own, through funds run by the company, or in joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
s. In particular, Colony invests in real estate and real estate-related debt investments, real estate-dependent operating companies, non-performing loans, distressed assets and select development opportunities throughout the world. The company is run by businessman Thomas J. Barrack, Jr.. In 2010, Colony was reported to manage about $30 Bn in investments. In 2011, Colony was tied for 3rd largest private equity real estate
Private equity real estate
In investment finance, private equity real estate is an asset class consisting of equity and debt investments in property. Investments typically involve an active management strategy ranging from moderate reposition or releasing of properties to development or extensive redevelopment.Investments...
fund in the world, behind Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
and Morgan Stanley Real Estate.
History
Colony purchased Raffles InternationalRaffles International
Fairmont Raffles Hotels International is a Toronto, Canada based hotel chain owned by Voyager Partners, Kingdom Hotels and Los Angeles based Colony Capital, LLC.The group was formed in January 2006, when Kingdom and Colony entered into a join venture...
on July 18, 2005. This included the 41 hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
s and resort
Resort
A resort is a place used for relaxation or recreation, attracting visitors for holidays or vacations. Resorts are places, towns or sometimes commercial establishment operated by a single company....
s operated under the Raffles Hotel
Raffles International
Fairmont Raffles Hotels International is a Toronto, Canada based hotel chain owned by Voyager Partners, Kingdom Hotels and Los Angeles based Colony Capital, LLC.The group was formed in January 2006, when Kingdom and Colony entered into a join venture...
and Swissotel
Swissôtel
Swissôtel Hotels and Resorts is a group of hotels pitched at the higher end of the hotel market. The chain currently includes 28 properties in 15 countries....
brand names. There are plans to expand the chains, particularly in Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
.
On January 30, 2006, it acquired Fairmont Hotels and Resorts
Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...
of Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
with Kingdom Hotels International
Kingdom Holding Company
Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia, and is the largest company in Saudi Arabia. It is controlled by Prince Alwaleed Bin Talal Bin Abdulaziz, and is headquartered in the city of Riyadh...
as a joint partner for US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.24 billion.
On April 10, 2006, it acquired French professional football
Football (soccer)
Association football, more commonly known as football or soccer, is a sport played between two teams of eleven players with a spherical ball...
(soccer) team Paris Saint-Germain.
On February 25, 2007, it signed a definitive agreement to acquire Station Casinos
Station Casinos
Station Casinos Inc. is a gaming company based in the Las Vegas suburb of Summerlin, Nevada, founded by Frank Fertitta Jr.Station Casinos along with Boyd Gaming, Cannery Casino Resorts, American Casino & Entertainment Properties, and Herbst Gaming, dominate the Locals market in Las Vegas.The...
alongside members of the founding Fertitta family for US$5.5 billion, or US$90/share.
On November 11, 2008, Michael Jackson
Michael Jackson
Michael Joseph Jackson was an American recording artist, entertainer, and businessman. Referred to as the King of Pop, or by his initials MJ, Jackson is recognized as the most successful entertainer of all time by Guinness World Records...
transferred the title of his 2,700 acre estate Neverland Ranch
Neverland Ranch
Neverland Valley Ranch is a developed property in Santa Barbara County, California, most famous for being a home of American entertainer Michael Jackson from 1988 to 2005. Jackson named the property after Neverland, the fantasy island in the story of Peter Pan, a boy who never grows up...
to Sycamore Valley Ranch Company LLC, a joint venture between Jackson (represented by attorney, L. Londell McMillan) and an affiliate of Colony Capital. It is unclear if the Jackson estate still owns the property. The Santa Barbara County Assessor's Office stated Jackson sold the property for US$35 million.
In March 2010, Colony arranged a financing and marketing package for Annie Leibovitz
Annie Leibovitz
Anna-Lou "Annie" Leibovitz is an American portrait photographer.-Early life and education:Born in Waterbury, Connecticut, Leibovitz is the third of six children. She is a third-generation American whose great-grandparents were Jewish immigrants, from Central and Eastern Europe. Her father's...
. The New York celebrity photographer had been in financial difficulty and in danger of losing the rights to her photographs and negatives and her three Greenwich Village townhouses to her previous lender, ArtCapital. ArtCapital's credit was for $24 million.
In December 2010, Colony purchased Miramax with Qatar Holding and Ron Tutor for $663 million .
Investment funds
The traditional investment portfolio at Colony are their investment funds, in which retail investors pool their funds, such as with mutual funds, and includes:- Colony II
- Colony III
- Colony IV
- Colony V
- Colony VI
- Colony VII
- Colony VIII
- Colony Asia Investors I, L.P.
- Colyzeo Investors, L.P.
- Colony Realty Partners L.P.
Casinos and hotels
A large part of Colony LLC investment portfolio involves gaming resorts mainly in the United States. Some are joint projects with AccorAccor
Accor is Europe's leading hotel group , part of the CAC 40 index , and operates in over 90 countries. Headquartered in Courcouronnes, Essonne, France, near Évry, France, the group owns, operates and franchises 4,229 hotels ranging from economy to luxury on five continents .Previously, the group...
Casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s.
- Resorts International HoldingsResorts International HoldingsNot to be confused with the Las Vegas, Nevada based casino/resort operator MGM Resorts International.Resorts International Holdings, LLC , also known as Colony Resorts Holdings is an affiliate of Colony Capital, LLC based in Las Vegas, Nevada. RIH was created by Colony Capital in 2000 after it...
was created in July 2005 and is headquartered in Las VegasLas Vegas metropolitan areaThe Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
:- Atlantic City HiltonAtlantic City HiltonACH, formerly Atlantic City Hilton, is a casino and hotel located on the Boardwalk in Atlantic City, New Jersey. After a rebranding and remodeling in Spring 2012, it will become Atlantic City's first true "locals casino".-History:...
- Las Vegas HiltonLas Vegas HiltonThe Las Vegas Hilton is a hotel, casino, and convention center in Las Vegas, Nevada. It is a joint venture between Colony Capital, which owns 60 percent, and New York City-based REIT Whitehall Street Real Estate Funds, which owns the remaining 40 percent...
- Bally's Casino TunicaBally's Casino TunicaBally's Casino Tunica is a 238 room hotel and a casino with a rustic 19th century theme that is located in Tunica, Mississippi. The casino is owned by Colony Capital and operated by its Resorts International Holdings division...
- Atlantic City Hilton
Colony is also involved in investing in luxury hotels and resorts in Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
and North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
:
- Raffles InternationalRaffles InternationalFairmont Raffles Hotels International is a Toronto, Canada based hotel chain owned by Voyager Partners, Kingdom Hotels and Los Angeles based Colony Capital, LLC.The group was formed in January 2006, when Kingdom and Colony entered into a join venture...
- Raffles Hotels & Resorts
- Fairmont Hotels and ResortsFairmont Hotels and ResortsFairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...
- pending approval (Kingdom Hotels International as a joint partner) - SwissotelSwissôtelSwissôtel Hotels and Resorts is a group of hotels pitched at the higher end of the hotel market. The chain currently includes 28 properties in 15 countries....
Former properties
- Resorts East Chicago now Ameristar Casino East ChicagoAmeristar Casino East ChicagoAmeristar Casino Hotel East Chicago is a casino located in East Chicago, Indiana. It is currently owned by Ameristar Casinos.- History :The casino was originally founded by Showboat Casinos as Showboat East Chicago. In 1998, Harrah's Entertainment bought Showboats Casinos, renamed Showboat East...
- Resorts Atlantic CityResorts Atlantic CityNot to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.Resorts Casino Hotel is a hotel and casino in Atlantic City, New Jersey. Resorts was the first casino hotel in Atlantic City, becoming the first legal casino outside of Nevada in the United...
foreclosed