Key Takeaways
- • The Palm Beach Hedge Fund Association (PBHFA) has partnered with the Anchoraa Fund, a joint venture between Voyage Capital and HotelSHIFT, to offer ultra-high-net-worth investors access to a hotel-to-multifamily conversion strategy in high-traffic metropolitan locations.
- • Anchoraa Fund acquires distressed and extended-stay hotels and converts them into multifamily housing at substantially lower costs than ground-up development, creating a differentiated real estate investment approach.
- • Voyage Capital brings significant operational expertise, having acquired, built, or developed more than 110 hotels, and delivers stabilized assets with current income generation and downside protection from acquisition date.
- • David S. Goodboy, PBHFA Founder, characterized the collaboration as aligned with the association's mandate to identify distinctive investment opportunities and deploy refined capital with disciplined tactics and enduring long-term value creation.
- • Jai Desai, Principal at Voyage Capital, emphasized the partnership's foundation on an established operating track record rather than theoretical investment thesis, with a steady pipeline of underwritten assets supporting HotelSHIFT's conversion activities.
Summary
The Palm Beach Hedge Fund Association announced on September 10, 2026, a strategic collaboration with the Anchoraa Fund, a joint venture between Voyage Capital and HotelSHIFT designed to capitalize on the conversion of distressed hospitality assets into multifamily residential properties. The partnership targets high-traffic locations within growing metropolitan markets where adaptive reuse economics offer significant cost advantages over traditional ground-up development.
Voyage Capital serves as the operational anchor for the initiative, leveraging extensive experience in hotel acquisition, development, and repositioning across market cycles. The firm's track record encompasses more than 110 hotels acquired, built, or developed, positioning it to identify well-capitalized acquisition opportunities and execute operational improvements that stabilized assets cannot typically deliver. Jai Desai, Principal at Voyage Capital, emphasized that the firm's disciplined underwriting and operational execution provide investors with current income generation and downside protection beginning at the acquisition stage, supported by an established pipeline of underwritten conversion candidates managed in partnership with HotelSHIFT.
PBHFA Founder David S. Goodboy framed the collaboration as a direct response to the association's core mandate: identifying compelling, differentiated investment opportunities for ultra-high-net-worth investors and institutional firms. The partnership addresses this objective by introducing a singular investment perspective grounded in operational discipline and seasoned expertise applied to traditional real estate, creating what Goodboy characterized as "a compelling avenue for refined capital deployment, differentiated value creation, and enduring long-term merit."
The transaction structure emphasizes the partnership's operational foundation over speculative thesis. By combining Voyage Capital's hotel expertise and stabilization capabilities with HotelSHIFT's multifamily conversion specialization, the Anchoraa Fund model addresses a specific market inefficiency: the ability to acquire undervalued hospitality assets in desirable urban markets and redeploy them into housing supply at economics superior to new construction alternatives.
Voyage Capital serves as the operational anchor for the initiative, leveraging extensive experience in hotel acquisition, development, and repositioning across market cycles. The firm's track record encompasses more than 110 hotels acquired, built, or developed, positioning it to identify well-capitalized acquisition opportunities and execute operational improvements that stabilized assets cannot typically deliver. Jai Desai, Principal at Voyage Capital, emphasized that the firm's disciplined underwriting and operational execution provide investors with current income generation and downside protection beginning at the acquisition stage, supported by an established pipeline of underwritten conversion candidates managed in partnership with HotelSHIFT.
PBHFA Founder David S. Goodboy framed the collaboration as a direct response to the association's core mandate: identifying compelling, differentiated investment opportunities for ultra-high-net-worth investors and institutional firms. The partnership addresses this objective by introducing a singular investment perspective grounded in operational discipline and seasoned expertise applied to traditional real estate, creating what Goodboy characterized as "a compelling avenue for refined capital deployment, differentiated value creation, and enduring long-term merit."
The transaction structure emphasizes the partnership's operational foundation over speculative thesis. By combining Voyage Capital's hotel expertise and stabilization capabilities with HotelSHIFT's multifamily conversion specialization, the Anchoraa Fund model addresses a specific market inefficiency: the ability to acquire undervalued hospitality assets in desirable urban markets and redeploy them into housing supply at economics superior to new construction alternatives.
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