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.”
Also in US today, City.Mobi is celebrating the success of its new guide to Houston.
City.Mobi offers the most comprehensive mobile travel guides available, with over 800 cities in 200 countries listed. Each is developed by the City.Mobi team to combine into a single global travel directory.
Houston.mobi is the latest in this illustrious line up, offering click to call functionality – which means no scribbling down telephone numbers.
Most entries are also linked to websites where users can quickly access more detailed information if needed.
Other key features include information on accommodation, restaurants, attractions, entertainment, nightlife, shopping, and transport.
City.Mobi guides include user reviews and traveller utilities such as a translation guide, currency converter, news and local weather guide.