JPMorgan has continued building out its fledgling opportunistic real estate business with the hire of Rich Gomel from Starwood Capital Group.
Gomel has joined JPMorgan’s Junius Real Estate Partners to help lead deals and repositioning of assets.
The new arrival follows closely behind that of David Godbout, who joined Junius in April from Ceres Realty Fund. The first major hire was John Fraser, the former Investcorp co-head of real estate, who joined as managing partner in January this year when the platform was established.
In a statement today, Fraser said the hire completed the “build out” of the investment team.
Prior to running hotel deals, Gomel served Starwood as chief executive of Groupe du Louvre, a hospitality investment that Starwood has grown to more than 800 hotels in Europe and other areas. He led Starwood’s hotel acquisitions and its $1 billion hospitality fund.
JPMorgan said Junius offered “sophisticated investors access to high-return US real estate by exploiting sourcing opportunities throughout the capital stack”. In his new role, Gomel will help oversee fresh deals and asset repositioning, and will serve on Junius’ investment committee.
Junius is being run within the Global Real Assets part of JPMorgan Asset Management. As of the end of March, Global Real Assets had around $56.3 billion of real estate and infrastructure under management. The group is led by Joe Azelby.