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Former NBA star invests in hotels

From left, Nick Massad, CEO of American Liberty with David Robinson and Dan Bassichis, co-founders of the Admiral Capital Group stand in front of the Hilton Garden Inn Houston Energy Corridor.
From left, Nick Massad, CEO of American Liberty with David Robinson and Dan Bassichis, co-founders of the Admiral Capital Group stand in front of the Hilton Garden Inn Houston Energy Corridor.

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.

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