Nevada political leaders call on private equity firm Brookfield Asset Management to protect jobs at the Hard Rock
Nevada elected officials are calling upon the owners of the Las Vegas Hard Rock Casino to guarantee that workers’ jobs will be protected during any ownership transition. The U.S. Representatives and Senator signed letters to the current private equity owner of the Hard Rock Casino, Toronto based Brookfield Asset Management. The letter noted it is […]Read more
On October 19, 2017, a dispute escalated at one of Almanac Realty Investors’ portfolio companies, leading to the arrest of a dozen clergy and hospitality workers. They sat in the lobby of the Philadelphia aloft hotel, demanding that the aloft hotel return millions of state funding that should not have been provided to the project. […]Read more
UNITE HERE Local 11 wrote to SEC Chairman Jay Clayton requesting that the agency investigate issues regarding private equity real estate firm GreenOak Real Estate policies that allow the firm to offer preferred fee terms and investment opportunities to co-investors, including, potentially, related-party hedge fund Tetragon Financial Group. As of December 31, 2016, Tetragon Financial […]Read more
There are deteriorating labor relations at multiple Brookfield Asset Management owned properties. Brookfield owns five large union hotels across North America and we hope for good middle class standards at all locations. Labor disputes place undue risk on investors, who could face interrupted revenues, boycotts or picket lines, and headline or reputational risk. Positive engagement […]Read more
The business of placement agents, or firms acting as intermediaries between firms seeking to raise capital and potential investors, is one that has been marked by noteworthy scandals. Kentucky, New York, California, and other states conducted bribery investigations surrounding their use in high profile cases. The SEC proposed banning their use, and New York, Illinois […]Read more
Food and Water Watch Demands that Ares Divest from Pilgrim Pipelines at Morgan Stanley Financials Conference
Last Wednesday environmental advocates with Food and Water Watch protested at the Morgan Stanley Financials Conference where Ares Management CEO Michael Arougheti and CFO Michael McFerran were presenting. Food and Water Watch is a national environmental advocacy organization and a leading member of the Coalition Against Pilgrim Pipeline, a 76-member alliance of community groups in […]Read more
“An Uphill Battle”: PCCP and partner’s proposed townhome development at the National Conference Center stalls amidst community opposition
In April 2014, NCC PS Enterprises, LLC (“NCC PS”), a joint venture between PCCP and Stoneleigh Capital, acquired the 917-room National Conference Center (“NCC”) in Leesburg, Virginia. Nearly two years later, NCC PS filed two separate zoning applications with Loudon County that would collectively allow development of up to 126 townhomes on the site. Click […]Read more
Energy Investors Fund IV performance hits new low as Ares Management books $20m from its failure to finish raising EIF V.
Did Ares tell EIF V’s early investors about a potential incentive to slow EIF V fundraising? Ares’ Energy Investors Fund (EIF) IV performance hit a new low of 10.3% in the first quarter of 2017 (see chart 1). At the same time, Ares may have benefitted financially from its unsuccessful EIF V fundraising. In the […]Read more
In the wake of Keystone XL and #NoDAPL protests, the indigenous Ramapough Lenape’s “forceful resistance” to Ares-backed Pilgrim Pipelines profiled in the New York Times. The Ramapough Lenape Nation have joined the mounting opposition to Ares Management’s Pilgrim Pipelines, according to a report last week in the New York Times. The proposed 178-mile oil […]Read more
After calls for a federal review of the sale of the Westin Long Beach hotel, will AEW ensure the transaction does not pose national security risks?
The potential sale of the Westin Long Beach Hotel to buyers tied to China or other foreign states has sparked national security concerns and attracted media attention.[i] In December 2016, U.S. Congressman Alan Lowenthal of Long Beach wrote a letter asking the Committee on Foreign Investment in the United States (CFIUS) to review the potential […]Read more