The Admiral Capital Real Estate Fund LP (Admiral), a partnership comprised of the Admiral Capital Group and USAA Real Estate Company, along with its joint venture partner, Franklin Croft, Inc., announced the acquisition of the Holiday Inn Express® hotel in downtown Fort Worth, Texas.
The Holiday Inn Express Fort Worth Downtown, a part of the IHG (InterContinental Hotels Group) family of brands, is located in the heart of the Fort Worth, Texas business district, less than one mile from the Fort Worth Convention Center, Will Rogers Memorial Center and Sundance Square. The recently renovated hotel currently features 132 rooms, with an expected additional 31 rooms to be delivered in 2012. Situated at 1111 West Lancaster Avenue along the I-30 corridor and near the I-35W exchange, the hotel is one of the few select service offerings in the downtown Fort Worth market. Guests will enjoy a comfortable and modern environment with innovative, preferred-guest upgrades to ensure a productive stay while travelling for business or leisure. This investment marks Admiral's third in the hotel sector and the sixth acquisition of the fund. The hotel will be managed by Dallas based Aimbridge Hospitality.
"Fort Worth is an exciting market for us and has been one of the top job growth markets in the country," said David Robinson, co-founder of Admiral Capital Real Estate Fund. "We continue to leverage our relationships to create attractive opportunities and we are excited to partner with USAA Real Estate Company, Franklin Croft and InterContinental Hotels Group to make this investment a success."
"We look forward to working with Admiral Capital Real Estate Fund on the Holiday Inn Express Fort Worth Downtown hotel– their first hotel under the IHG family of brands," said Kirk Kinsell, president, Americas, IHG. "We're proud to welcome Admiral into our owner and franchisee community, as their leadership shares our values for conducting business responsibly to create opportunity and better our communities. It's the right thing to do and makes business sense."
"IHG's Holiday Inn Express brand is among the fastest growing brands in the limited service hotel sector and, following the $1 billion global brand refresh, continues to deliver strong performance by providing a high quality, consistent experience to value-conscious guests," added Kinsell.
In addition to the Holiday Inn Express hotel, the Admiral Capital Real Estate Fund, a value-added real estate private equity fund with over $100 million in assets under management, currently owns a 120,000 square foot office building in El Segundo, CA, two office buildings in Austin, TX, a hotel property in Houston (Energy Corridor), and a performing mortgage on a non-gaming hotel in Las Vegas. Admiral is actively pursuing additional value-add opportunities.
"This hotel benefits from a diverse base of demand generators and is uniquely positioned as a high quality, value alternative in the downtown Fort Worth market," said Daniel Bassichis, co-founder of the Admiral Fund. "The ability to acquire this hotel at an attractive basis and create additional value with an expansion plan made this an exceptional opportunity for our fund."
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