Hotel private equity firm formed

GFI Capital Resources Group Inc., New York City, owner of Ace Hotel New York and Ace Hotel & Swim Club Palm Springs has partnered to create a new private equity hotel investment firm.

The New York City-based firm will be called GB Lodging LLC and will specialize in value enhancement activities through executing redevelopment, repositioning and asset management strategies. The firm is being formed by Allen Gross, GFI Capital Resources Group’s president and founder and Bruce Blum, former partner at The Chartres Lodging Group.

“No doubt Allen’s impressive real estate investment and development track record coupled with his extensive capital markets,” said Blum.