The Admiral Fund Acquires a Holiday Inn Express Hotel in Fort Worth Texas
SAN ANTONIO, Texas—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. READER COMMENTS
"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, in an announcement. "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."
The recently renovated Holiday Inn Express Fort Worth Downtown, a part of the IHG (InterContinental Hotels Group) family of brands, features 132 rooms, with an expected additional 31 rooms to be delivered in 2012. 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.
"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."
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.