Hedge Funds Meet Real Estate: A Texas Case Study

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Hayman Capital in Focus. 

Hedge fund investor Kyle Bass recently bought, among other real estate, the downtown Dallas Statler hotel.  He purchased a 50 percent stake in four real estate properties and a minority stake in the Statler hotel.  In addition to the Statler, he purchased a stake in the Entrada development and the Central Park Riverwalk development.  These developments are part of Centurion American Development Group.  

Furthermore, Bass and Centurion’s CEO Mehrdad Moayedi have previously worked together when they were at odds over a claim of improper investment practices.  Centurion’s affiliate, United Development Funding, was ordered to pay the SEC $8 million.

Kyle Bass is looking to expand and enhance the “go-forward” strategy fostered by Frank Zaccanelli’s companies and developments in Dallas.  Bass claimed in a statement, “The opportunity to invest in distressed real estate projects with one of Dallas’ top real estate minds is an opportunity I couldn’t pass up…Frank and I are dedicated to dismantling the fraud that has plagued these projects in the past in order to have them prosper in the future.” 

Zaccanelli is equally enthused by the transaction.  He stated “The opportunity to form a partnership with Kyle is one of the highlights in my more than 40-year career in business.”  

Kyle Bass is the chief investment officer of Hayman Capital Management.  Hayman is focused on global events and is based in Dallas.  The hedge fund invests with a global and contrarian perspective.

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