SBE and Cain Hoy Enterprises announced a strategic investment partnership following a recapitalization of SBE, which set an enterprise valuation of $350 million for the hospitality, entertainment, and real estate development company. In addition to the investment, SBE and Cain Hoy have launched S Squared, an equity real estate joint venture created to fuel the expansion of SBE’s hotel, casino, residential, and restaurant brands through asset acquisition and development. Initial capitalization of the real estate joint venture of more than several hundred million dollars will target assets valued of more than a billion and a half dollars over time. Investors in the recapitalization have also received rights to purchase up to 20 percent of SBE’s operating parent. Cain Hoy, a newly formed private investment company funded with permanent capital, was founded by its CEO Henry R. Silverman, most recently global head of real estate and infrastructure at Guggenheim Partners and former Cendant chief. Read the full release here.
