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AIMCAP and Ascend Group Acquire Atlantic Hotel and Spa

12/13/2012

FORT LAUDERDALE—David Aim of AIMCAP and partner Robert Kaliner of Ascend Group announced that they have successfully acquired Atlantic Hotel and Spa located in Fort Lauderdale, Florida, a full-service and all-suite hotel.

Until this acquisition, the hotel was operated under Atlantic Hotel Partners, LCC ("AHP"). This new acquisition strengthens the current portfolio of AIMCAP and its investment opportunities in the hospitality industry. David Aim of AIMCAP and Robert Kaliner of Ascend Group will be the managing partners for the property.

The Atlantic Hotel and Spa is a Mediterranean-style condominium hotel project with 124 residential units. It currently features amenities, including a 10,000 square-foot, spa and fitness center, a heated outdoor pool and whirlpool, as well as 24-hour room and concierge service. The Atlantic offers one-bedroom suites with kitchenettes and private balconies and 2-3 bedroom penthouse suites with dining and living rooms.

Robert Kaliner, chief of Ascend Group, says, "This Acquisition was part of Ascend Group's strategic plan to increase its portfolio position in the luxury sector of both residential and commercial properties. We are excited about continuing to make this spectacular property the best asset in Florida."

AIMCAP will be adding improvements to the lobby, restaurant, and other facilities of the hotel.

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