Hospitality Asset Funding (HAF) Group, a US-based provider of capital market solutions for hospitality industry, has acquired Galveston, Texas-based Tremont House Hotel.
The iconic Texas landmark Tremont House has served notable guests including famous writer Charles Dickens and American frontiersman Colonel Davy Crockett.
Besides the Tremont House, HAF completed major equity investments in two other Texan hotels – the Hyatt Place Cedar Park and Courtyard by Marriott Austin Pflugerville.
HAF Group is a joint venture between Addison-based SRH Hospitality and Austin-based JLM Financial Investments.
Dating back to 1865, the Tremont House Hotel, which is located in the heart of the Strand National Historic Landmark District and Galveston’s Downtown Cultural Arts District, was bought from Mitchell Historic Properties by the HAF Group.
HAF partner and SRH principal Jerry Crenshaw said: “We are excited about the opportunity to continue the great legacy the Mitchell family cultivated during their ownership of the Tremont.”
Another HAF partner and SRH principal Paul Barham opined: “This is a historic hotel and, once our renovation is complete, we will provide a unique, upscale experience for our Galveston guests.”
The group’s multimillion-dollar renovation plan of the Tremont House is expected to be completed in 2022, after which the historic Tremont House will be transformed into a Marriott soft-branded Tribute property.
HAF partner and JLM Financial Investments investment analyst Chris Votaw explained: “We were drawn to both the Hyatt Place and Courtyard by Marriott because they are located in high-growth markets, with excellent brands that are well-poised to be market leaders as the Austin metropolitan area continues to expand.”
Since HAF’s debut in the fall of 2020, these three hotels represent the firm’s first portfolio investment.
JLM Financial Investments founder and HAF partner Larry Meyer said: “We have a very positive outlook for the hospitality industry going forward and continue to pursue opportunities as they arise.”