PRG invests in high quality properties in California that meet rigorous underwriting standards and where PRG holds a distinct competitive operating advantage.
 

Conservative Underwriting Philosophy

• Investments underwritten to account for cyclical nature of real estate market with intense focus on “peak to trough” comparison and long term historical operating performance trends

• Establish a meaningful “margin of safety” with all key assumptions

• Concentrate on opportunities with favorable seller circumstances, transactional complexity or where management expertise can mitigate operating risks

Patient Investment Philosophy

• History of buying and selling based on disciplined investment principles

• Wait for “good buys” vs. “putting money out” philosophy

• Strategy typically based on medium to long term execution of proven operating plans versus “flipping” plans

Focus on Investment Basis

• Acquire assets below intrinsic value and significantly below replacement cost

• Strategy created to provide ability to weather economic storms and defend against adverse economic conditions

• Solid investment basis at acquisition allows for greater flexibility with multiple future exit paths

PROPERTY TYPES

Hotels

TRANSACTION SIZE

$4-50 million for a single asset purchase, $20 million plus for a portfolio acquisition

MARKETS

California

TRANSACTION TYPES

Underperforming Assets
Acquisiton of First Mortgage
Co-Investment and/or Operating Partnerships
Ground Lease