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The Admiral Fund Acquires Hilton Garden Inn Houston Energy Corridor
SAN ANTONIO, Texas - The Admiral Capital Real Estate Fund LP (Admiral) announced the acquisition of a preferred equity interest in the Hilton Garden Inn Houston Energy Corridor, a select service hotel in one of Houston's fastest-growing market areas. The investment marks Admiral's first in the hotel sector and third acquisition of the fund. The 190 room hotel is situated in the heart of the Energy Corridor and caters to the nation's largest oil and gas clients. Opened in 2008, the hotel is located at 12245 Katy Freeway in West Houston along the I-10 Corridor, and will continue to be managed and partially owned by American Liberty Hospitality of Houston. The price was not disclosed.
Hilton Garden Inn is the award-winning, mid-priced brand with more than 525 locations in 13 countries around the globe. From complimentary wired and Wi-Fi Internet access in all guestrooms and public space to PrinterOn mobile printing to the hotel's complimentary 24-hour business center, Hilton Garden Inn offers the amenities and services to ensure travelers are productive while on the road, no matter the trip occasion.
"We're always looking to build long-term partnerships with like-minded companies," said Christopher J. Nassetta, president & CEO, Hilton Worldwide. "I've always admired The Admiral on and off the basketball court and I'm thrilled that we're now playing on the same team."
"The Hilton Garden Inn offers upscale business-focused service near the nucleus of Houston's energy headquarters," said USAA Real Estate Company Chairman and CEO Pat Duncan. "We are very pleased to acquire such a quality hotel property in this fast growing job market."
The newly launched Admiral Capital Real Estate Fund, with over $100 million of assets under management, currently owns a 120,000 square foot office building in El Segundo, CA and a 205,000 square foot office building in Austin, TX and is actively pursuing additional value add opportunities.
"In a highly competitive market, relationship driven opportunities are where we focus our resources," said David Robinson, co-founder of Admiral Capital. "We are honored to be partners with USAA, Hilton Worldwide and American Liberty who all share our commitment to service and integrity."
"This preferred equity investment is representative of our ability to bring creative solutions to a transaction," said Daniel Bassichis, co-founder of Admiral. "We not only provided a flexible structure, but we also secured very attractive senior financing as part of an overall recapitalization."
Admiral Capital Contact:
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company, formed the fund to identify value add opportunities through equity and debt investments in office, hotel, multi-family and retail properties valued between $20 million and $100 million in major markets across the U.S. The Admiral founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson's lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
About USAA Real Estate Company
USAA Real Estate Company manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and development assets of $2 billion. The company provides co-investment asset management services to U.S. pension funds as well as foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About American Liberty Hospitality
American Liberty Hospitality, Inc., founded in 1973, is a Houston-based hotel developer, owner and operator. Its portfolio of 15 properties throughout Texas includes the recently-opened Embassy Suites Houston Downtown adjacent to the George R. Brown Convention Center. Its properties have consistently been recognized by the world's leading hotel companies for demonstrating the highest levels of quality and guest service. The company also is a major supporter of the Conrad N. Hilton College at the University of Houston. For more information, visit www.amliberty.com.