HOUSTON – The Admiral Capital Real Estate Fund LP announced the acquisition of a preferred equity interest in the Hilton Garden Inn Houston Energy Corridor in west Houston.
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.
Robinson, nicknamed The Admiral while playing with the NBA’s San Antonio Spurs, is based in San Antonio.
“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 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.”
Admiral Capital Group was founded by David Robinson, an 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.