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Rockwood appoints new partner

The firm closed its tenth value-added fund earlier this month on $1.1bn.

On the heels of closing its latest fund earlier this month, Rockwood Capital has named a new partner, the firm said Wednesday.

The New York-based private equity real estate firm moved Tony Lariño up from his previous post as managing director, a role with responsibilities that included portfolio management for Rockwood Funds VI and VIII. Lariño joined Rockwood in 2010 as the firm’s head of hotel investments and continues to focus on the lodging sector.

Prior to his time at Rockwood, Lariño was the managing director at Westmont Hospitality Group, a Mississauga, Canada-based hotel owner, where he oversaw a portfolio of 10 luxury hotels in the US and Canada, according to his LinkedIn profile. He previously worked at Starwood Hotels & Resorts for seven years, where he led the Westin, Sheraton and Le Meridien brands in North America and Latin America. Lariño began his career at Morgan Stanley, where he was an investment banker in real estate mergers and acquisitions for almost seven years.

“Over his six years with the firm, he has been an innovative strategist who has significantly advanced our business on numerous fronts,” Walter Schmidt, a senior managing partner at Rockwood, said in Wednesday’s statement. “His deep knowledge of the lodging industry and investment management generally will be invaluable as we identify and invest in quality assets for our new fund.”

Earlier this month, Rockwood closed its latest value-added fund, Rockwood Capital Real Estate Partners Fund X, on $1.1 billion, PERE previously reported. In the fund series, the company focuses on assets with the potential for income growth through repositioning, re-leasing, rehabilitation or development. Rockwood is targeting a 12 percent to 14 percent net internal rate of return for the vehicle.

The firm’s most recent publicly disclosed transaction was the sale earlier this month of New York’s Club Quarters hotel, according to data provider Real Capital Analytics. Rockwood bought the hotel in July 2006 for $94.1 million and sold the property for $94.5 million to Sam Chang, a hotel developer who purchased two other Club Quarters hotels in New York from Rockwood last year.

Rockwood has assets under management of $8.8 billion, according to Wednesday’s statement.