The Admiral Capital Real Estate Fund, co-founded by former NBA star David Robinson, announced on Tuesday that it acquired a preferred equity interest in the 190-room Hilton Garden Inn Houston Energy Corridor, located in Houston.
The hotel is the fund’s first foray into hotel properties. The price of the purchase was not disclosed.
“In a highly competitive market, relationship driven opportunities are where we focus our resources,” said Robinson.
The newly-launched fund has US$100 million of assets under management, including a 120,000 sq ft (11,148 sq m) office building in El Segundo, CA and a 205,000 sq ft (19,045 sq m) office building in Austin, TX and says it is actively pursuing additional value add opportunities.