Company Profile


Cedar Capital Partners focuses exclusively on investment in the hotel industry. The firm, which was founded in 2004, invests in and asset manages full service and luxury hotels.

Since inception, the firm’s principals have acquired hotels with a value in excess of €3 billion and have maintained a consistent track record of strong performance and value creation.

The firm’s principals have worked in nearly every major hotel market in the world and are industry professionals with backgrounds in acquisitions, finance, development & operations.






Ramsey Mankarious




Mr. Mankarious founded Cedar Capital Partners and was previously Executive VP of Acquisitions & Development for Kingdom Holding where he was jointly responsible for the company's $2.5 billion hotel investment and asset management activities within Europe, the Middle East, Africa and Asia. Mr. Mankarious developed and acquired numerous luxury hotels and was actively involved with the firm's investment in the following management companies: Four Seasons, Fairmont and Mövenpick. Mr. Mankarious was previously with HVS, a leading hotel valuation and consulting firm, in their London and New York offices. While at HVS he conducted valuation and advisory transactions in over 30 countries. Mr. Mankarious has authored numerous hotel investment articles and is a frequent lecturer. He received his MA in Property Valuation and Law from City University Business School in London and holds a BA in Hotel and Restaurant Management from Michigan State University, USA.

Phil Golding




Mr. Golding manages the acquisition and asset management functions for the company. Previously Mr. Golding worked in the London and Singapore offices of HVS International where he conducted hotel valuations and feasibility studies throughout Europe, the Middle East, Asia and Australia. Prior to this, Mr. Golding was a consultant with Christie Consulting International, one of the UK’s largest hotel agents. Mr. Golding has valued hotel real estate in excess of US$5 billion and conducted advisory transactions in more than 40 countries throughout the world. Mr. Golding started his career at the Savoy Group of Hotels where he completed the prestigious five-year management training programme.





Mr. Youens is responsible for the firm’s asset management activities. Prior to joining Cedar Capital, he worked for London and Regional Properties where he held the position of Head of Hotel Operations, Asset Management and Investments. During his time at London and Regional, Mr. Youens oversaw the operations and asset management of over 5,000 hotel rooms across 14 hotels worldwide. He implemented various multi-million capital investment programmes, negotiated lease contracts and hotel management agreements and acquired five further hotels. Mr. Youens was previously with various hotel operators and owners including Thistle Guoman Hotels, Hilwood Resorts, Lotus Investment Fund and others, where he held various positions in Finance, Controlling, Feasibility and Development. Mr. Youens holds a Diploma in Hotel Management from Les Roches School of Hotel Management and is a Board member of the European chapter of the Hospitality Asset Managers Association (HAMA).





Mr. Klohr is involved in the firm’s asset management and acquisition functions. Prior to joining the firm, Mr. Klohr spent three years with London based hotel brokerage and valuation firm HVS Hodges Ward Elliott, where he focused on the sale of single-asset and portfolio transactions across EMEA. While at HVS Hodges Ward Elliott, Mr. Klohr was involved in hotel transactions worth in excess of €600M. Additionally, he has carried out numerous advisory assignments in virtually all major hotel markets across Europe and has extensive experience with international hotel operators and owners. Mr. Klohr graduated from École hôtelière de Lausanne in 2010 and holds a B.Sc. in International Hospitality Management with a specialisation in real estate finance. He speaks German, English and French.





Mr. Forni is involved in the firm’s asset management and acquisition functions. He joined from Hilton Worldwide’s Feasibility & Investment Analysis team where he was responsible for conducting hotel management contract valuations and feasibility studies across Europe and Africa. He also supported Hilton’s Real Estate & Asset Management team in underwriting master plan renovations, acquisitions and disposals. Mr. Forni has worked in over 25 countries. He holds a B.Sc. in International Hospitality Management (Hons) from the École hôtelière de Lausanne, with a specialisation in real estate finance. During his studies in Switzerland, Mr. Forni co-founded YHS Global, an organization which acts towards improving professional opportunities for young talent in hospitality. He speaks Italian, German, English and French.





Mr. Mercer is responsible for overseeing the firm’s capital expenditure programs, with particular emphasis on hotel renovations and new builds. In his career he has accumulated over 30 years of specialist experience in the project management of some of the finest luxury hotels including the Ritz - Paris, the Four Seasons George V - Paris, the Park Hyatt - Milan and many others. Mr. Mercer has a BS degree in Quantity Surveying and is a Member of the Royal Institution Of Chartered Surveyors. He speaks English and French.





Mrs Massih is in house legal counsel. Previously she worked as a solicitor for City law firms Withers, Farrers, Harcus Sinclair and Gouldens (now Jones Day). Her legal work has encompassed private client and corporate work. She has structured complex vehicles to minimise tax exposure and has advised domiciled and non domiciled clients. She is fluent in French and Spanish and took a First at Oxford University before embarking on a career in law.





Ms Boyle manages the financial functions for the company and is responsible for investor relations and internal HR. Previously she worked as an adviser to start-up companies setting up in-house systems of accounting and office management in the fields of web development, logistics, media and law.





Ms. Salmi is the Executive Assistant to the Managing Principal and Vice-Presidents, she is also the first point of contact for clients, partners and suppliers. She is a highly effective EA, with over 10 years’ experience in both the Corporate and Private sectors. Her attention to detail and ability to support Executives and HNWI comes from her background as a high-end freelance Events Manager for celebrities, corporate clients and London Fashion Week. Ms. Salmi holds a degree in Marketing and Management from Montgomery County College in Philadelphia, USA.




Track Record

Monte Carlo Grande Hotel, Monaco

€200m - December 2004

The Savoy Hotel, London

£220m - January 2005

Hotel des Bergues, Geneva

CHF 120m - April 2005

Mandarin Oriental, Prague

€60m - October 2006

Le Richemond, Geneva

CHF150m - December 2010

Sanderson & St Martins Lane, London

£190m - November 2011

7 InterContinental Hotels Europe

€450m - February 2012

Portfolio of 4 Hotels in France

€700m – January 2013

Sofitel Le Faubourg, Paris

€100m - March 2013

Eden Hotel, Rome

€100m - September 2013

Le Meridien Etoile, Paris

€270m - May 2014

Hotel Kimpton DeWitt, Amsterdam

€100m - June 2015

ParkHotel, Prague

€20m - June 2016

Terme di Saturnia, Tuscany

€40m - September 2017

Grand Hotel Beverly Hills, Rome

€35m – January 2018








Cedar Capital Partners 

45 Albemarle Street

London W1S 4JL

United Kingdom


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Tel: +44 20 7484 3560
Fax: +44 20 7484 3561 







Cedar Capital Partners | 45 Albemarle Street | London | W1S 4JL | United Kingdom

Tel: +44 20 7484 3560 | Fax: +44 20 7484 3561 |


© 2018 Cedar Capital Partners | Website by Sketchanet


Cedar Capital Partners

45 Albemarle Street

London W1S 4JL

United Kingdom


Tel: +44 20 7484 3560
Fax: +44 20 7484 3561


© 2015 Cedar Capital Partners 

Website by Sketchanet