TMGOC Ventures, a real estate and development private equity firm headquartered in Boca Raton, Fla., and Ad Astra Capital closed on their first joint acquisition, the Home2 Suites by Hilton in Fort Worth, Texas. Other terms and conditions were not disclosed.
The 162-key property is located in the growing Cultural District, adjacent to downtown Fort Worth. The hotel is positioned to benefit from the city’s diverse demand base and transformational growth taking place throughout Fort Worth. It is proximate to key demand drivers, including Dickies Arena, Will Rogers Memorial Center, Texas Christian University, and numerous hospital systems. Additional nearby attractions include the Fort Worth Stockyards, Colonial Country Club, Fort Worth Zoo and several museums and performing arts theaters.
“Fort Worth continues to stake its claim as a business and economic hub, driving enormous demand from business and leisure travelers alike,” TMGOC Co-Founder and Managing Partner Glenn Alba said in a statement. “The Home2 Suites aligns with our strategy of identifying opportunities in markets with high barriers to entry. We are selective in where we choose to own, and are grateful to partner with Ad Astra Capital in adding this property and one of the most in-demand investment markets in the country to our growing portfolio.”
The property marks the second purpose-built Home2 Suites in the TMGOC portfolio and its first in Texas.
The hotel will be managed by TMGOC partner, Lexima Lodging. Lexima has over 30 years of experience in third-party hotel management, investment and asset management.