The Admiral Capital Real Estate Fund (Admiral) and its joint venture partner Franklin Croft have announced the acquisition of the Holiday Inn Express hotel in downtown Fort Worth, Texas, US, for an undisclosed amount.
The 132-room Holiday Inn Express Fort Worth Downtown, a part of the InterContinental Hotels Group (IHG) family of brands, is expected to add 31 rooms in 2012.
According to US-based Admiral, a partnership between the Admiral Capital Group and USAA Real Estate Company, the deal is its third investment in the hotel sector and the sixth acquisition of the fund.
Dallas-based Aimbridge Hospitality will manage the Holiday Inn Express Fort Worth Downtown.
Admiral Fund co-founder Daniel Bassichis said the hotel is a value alternative in the downtown Fort Worth market, and benefits from a diverse base of demand generators.
"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," Bassichis added.
IHG’s Holiday Inn Express brand, which underwent a $1bn global brand refresh, is said to be continuing to deliver strong performance.
Admiral currently owns a 120,000ft² office building in El Segundo, California; two office buildings in Austin, Texas; a hotel in Houston, Texas; and a mortgage on a non-gaming hotel in Las Vegas, Nevada, besides the Holiday Inn Express hotel.
Admiral has over $100m in assets under management and is pursuing additional value-add opportunities.