Illinois-based Z Capital has hired William McBeath to managing director and operating partner. McBeath will bring prior expertise from the hotel industry to the table as the firm works through a new court challenge involving its latest property purchase.
Prior to joining Z Capital, McBeath was the president and chief operating officer for CityCenter, a hotel group including ARIA Resort & Casino, Vdara Hotel & Spa, Crystals and Mandarin Oriental, Las Vegas. McBeath was part of CityCenter’s original opening team.
In addition, Mr. McBeath oversaw one of the country's most exclusive golf courses, Shadow Creek, and MGM Resorts' Race & Sports Book Operations.
Z Capital is a private equity firm with offices in Illinois and New York. The firm takes an opportunistic approach to private equity, making control investments in the middle market. Most recently, the firm was involved in the purchase of Canyon Ranch, a hotel condo property in Florida. That transaction was part of the remaining Lehman Brothers portfolio. That transaction is now being challenged in bankruptcy court, but is likely to close.
Z Capital already owns a portfolio of hotel and condo properties throughout the US.
Z Capital most recently closed its second special situations fund on $750 million in July, PEI reported at the time. The fund beat its $500 million target and will look for long-term control investments in middle-market companies that may require growth capital, turnaround or restructuring.