Spark GHC makes executive appointments for numerous roles, including CEO and President, post sizable growth in 2023 and before the launch of its upcoming fund II in mid-2024.
CLEVELAND, March 14, 2024 /PRNewswire/ — Spark GHC, a minority owned, U.S. focused private real estate firm, announced today that it has made a slate of executive appointments for key leadership roles post a highly successful 2023 which saw the firm acquire $120 million in hospitality assets and before the launch of its latest fund, Spark GHC Hospitality II, in mid-2024.
Key appointments to note are:
Amit Patel, Chief Executive Officer
Saagar Parikh, President & Chief Investment Officer
Bhavin Patel, Chief Strategy Officer & Head of External Affairs
Bhavesh Lad, Chief Operating Officer & Head of Asset Management
Newly appointed CEO Amit Patel noted: “I would like to thank my co-founders and Principals of Spark GHC for entrusting me as we continue to grow this company into the pre-eminent hospitality real estate firm in North America. The past 15 months were just the start for us as we acquired 8 select service and extended stay hospitality assets spread across the U.S. Midwest and U.S. East coast. We are working diligently to launch our latest fund, Spark GHC Hospitality II, in mid-2024.”
Newly appointed President & CIO Saagar Parikh noted: “We are steadfast on acquiring value-add hospitality assets through 2025. We believe there remains a sizable discount in private asset values (over publicly traded assets) due to today’s debt markets. Spark GHC is the right buyer because of our experienced team, access to debt, and ability to execute.”
About Spark GHC
Spark GHC is a minority owned, U.S. focused private real estate firm focused on developing, acquiring, and operating hospitality, multi-family, and commercial assets. Spark GHC’s mission is to improve the daily guest experience through technological innovation, remain strong stewards of the community where assets are located, be a driver of positive culture for our employees to learn and grow, and provide a healthy cash return and diversification benefit to investors and their investment portfolio.
The Spark and GHC family of companies have $300 million in assets under ownership consisting of ~2,500 hospitality keys and multi-family units. Over the past 15 months, the companies have acquired 8 hotel assets and 2 multi-family properties. The companies have successfully exited 7 hospitality assets for an average annual return of 32% and 2 multi-family projects for annual returns of 25%.
Spark GHC was founded by Amit Patel, Bhavesh Lad, Bhavin Patel, Michael J. Smith, and Saagar Parikh. The sponsor team has a diverse background spread across Main Street and Wall Street. Learn more at www.sparkghc.com. Contact them at [email protected].
SOURCE Spark GHC
