Shortly coming off of being welcomed into NASCAR as an official team owner alongside Michael Jordan, the business heavyweight is now linking with a fellow athlete in commercial real estate. Through the partnership, Mayweather aims to build on his goal to make $1 billion through the industry.
Mayweather has joined baseball legend Alex Rodriguez as an investor in global investment management firm CGI Merchant Group’s $650 million Hospitality Opportunity Fund, according to Forbes.
“Over the years, Mayweather’s savvy investment decisions have made him a notable figure in business fueled by the desire to create a platform of financial independence for the people and communities around him, this desire is directly aligned with my own vision for CGI to be a vehicle for this type of change,” CGI Founder and CEO, Raoul Thomas, said in a statement.
Mayweather’s onboarding as an investor is a part of the CGI Merchant Group’s announcement that its “new platform-level investment partnership will be open to other athletes, celebrities and select family offices and aims to deploy over $250 million into commercial real estate assets.”
“My focus is on creating generational wealth and doing it with partners that share my values and drive for excellence,” Mayweather said, according to Forbes. “The partnership will have an impact on the lives of athletes and others who invest in the platform by helping them learn and create generational wealth.”
He continued: “After getting to know CGI, I saw an opportunity to collaborate and share with other athletes and friends my ambition of establishing long-term wealth outside of sports through real estate investing.”
CGI Merchant Group
With its portfolio including The Gabriel South Beach and The Gabriel Downtown in South Florida, the Miami-based company has its eyes on another bustling city, according to the outlet.
According to the outlet, the group wants to purchase the Trump International Hotel in Washington, D.C. for $375 million.