Bay Street Capital Holdings announced the launch of Resthaven Properties, a collection of black-owned luxury vacation properties, in recognition of both the shift in consumer travel behavior from hard-branded hotels to boutique spaces and the market opportunity to use social media influence from content creators to address arbitrary consumer spend in the leisure travel space.
LOS ANGELES, Nov. 6, 2022 /PRNewswire-PRWeb/ -- Bay Street Capital Holdings, founded in 2018 by William Huston, is a leading, Black-owned investment firm whose mission is to inspire the next generation of entrepreneurs and fund managers. The firm announced the launch of Resthaven Properties, a collection of black-owned luxury vacation properties, in recognition of both the shift in consumer travel behavior from hard-branded hotels to boutique spaces and the market opportunity to use social media influence from content creators to address arbitrary consumer spend in the leisure travel space. Verified marketplace data shows that independent brands outperformed hard-branded hotels during the pandemic with consumers opting to pay a premium for more private spaces and amenities. The demand for independent vacation rentals, though accelerated by COVID-19, was already trending upwards pre-pandemic and prompted brands like Marriott to add vacation rentals to their offerings (Tribute Portfolio Homes launched in 2018).
Resthaven Los Angeles is located at 522-524 Rialto, Venice, CA in the upscale neighborhood of Venice, CA, where Black home ownership accounts for only 1.6% and the 10% appreciation rate triples that of the national average. The gated, private residence (a 4br/5ba with a detached recording studio), is less than half a mile from Venice Beach and Abbot Kinney Boulevard and less than ten miles from Los Angeles International Airport. Venice Beach is second only to Disneyland for total visitors in all of Southern California. Within two days of purchase, Resthaven rented the space to HBO MAX for the launch party of Sweet Life and established a consignment collaboration with Cartier. The team also formed an alliance with Explorest.com to connect digital content creators from around the world with Resthaven properties to further drive bookings.
The purchase of Resthaven's second property Resthaven Tahoe, a boutique hotel in Southlake Tahoe, CA (4145 Manzanita Avenue), comes just in time for ski season with an existing 9% cap rate. The twenty-room hotel is conveniently located less than half a mile from Heavenly Ski Resort, sits across the street from Edgewood's world-renowned golf course, Heavenly Gondola, and offers guests private access to the lake. South Lake Tahoe ranked #1 for Zillow's most popular city in 2021, and the current housing crisis has prompted the city to restrict all short-term home rentals, thereby reducing market competition and driving tourism dollars directly to hotels.
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Resthaven Properties is led by William Huston (CIO), Ila Corcoran (SVP, Real Estate Operations and Advisory Services), and Taylor Sledge (VP, Real Estate Operations). The team thoughtfully acquires properties in the 5-7M range based on the high potential for appreciation and a prime location for leisure travel and intentionally supports diverse vendors in each property.
Bay Street Capital Holdings is a leading black-owned firm with $36 million in discretionary assets under management. DLA Piper serves as legal counsel, Weaver serves as tax advisor, and Juniper Square serves as fund administrator.
For additional information on Bay Street Capital Holdings, visit baystreetcapitalholdings.com.
Instagram: @baystreetcapitalholdings
For additional information on Resthaven Properties, visit resthavenproperties.com.
Instagram: @resthavenproperties, @resthavenlosangeles, @resthaventahoe
Media Contact
Jackie Nguyen, Bay Street Capital Holdings, 1 510-858-1921, [email protected]
SOURCE Bay Street Capital Holdings
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