Tampa, Fla. (May 16, 2018) – The Plasencia Group is pleased to announce the sale of the Holiday Inn Express & Suites Fort Worth Downtown, located in the heart of Fort Worth, Texas, business district. The firm represented The Admiral Capital Real Estate Fund LP (Admiral), a partnership comprised of the Admiral Capital Group and USAA Real Estate, in the sale of the 163-room hotel to Pinnacle Hotels USA, a San Diego, California-based hospitality investment, development and management company. The Plasencia Group’s Vice President Joe Corcoran advised Admiral in this disposition.
“We are very pleased with the outcome on this investment,” said Dan Bassichis, co-founder and managing partner of Admiral Capital Group. “Admiral and Managing Member Franklin Croft identified an opportunity to acquire and expand a well-located asset in the growing Fort Worth market, successfully executed the business plan, with seamless execution of the sales process by The Plasencia Group.”
“The new owners of this asset will be able to further appreciate the value the previous owners added to the hotel,” commented Joe Corcoran of The Plasencia Group. “In addition to the 31 guestrooms added to the property since the last transaction, the hotel’s prepared renovations will position the Holiday Inn Express & Suites as one of the most popular lodging options for downtown Fort Worth visitors, including convention-goers, leisure and business travelers.”
The Plasencia Group has successfully completed disposition engagements for 94 hotel and resort assets in Texas and 49 IHG-branded hotels nationally since 1997.