TMGOC Ventures Cap Recent Acquisition Streak with Carolinas 3-Hotel Portfolio
CHARLESTON, S.C. / BOCA RATON, FL. –OCT. 26, 2022
TMGOC Ventures “TMGOC”, a partnership between The Montford Group. and Opterra Capital announce they have closed on the acquisition of the three select-service Marriott- and Hilton-branded hotels totaling 430 rooms in Myrtle Beach SC, Charlotte and Roanoke Rapids, NC.
TMGOC acquired a portfolio comprised of the fee simple interests in the 135-room Courtyard Myrtle Beach Broadway, the 147-room Hilton Garden Inn Roanoke Rapids, and the 148-room Courtyard Charlotte Airport. TMGOC will invest in substantial physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability. The company hired Aimbridge Hospitality, the nation’s largest third-party hotel management company, to operate the North Carolina hotels; Marriott manages the Courtyard Myrtle Beach.
The Carolinas portfolio caps an acquisition streak of six hotels and hotel developments this fall for TMGOC, which includes the recently acquired Hilton Garden Inn Miami Beach and Aloft Charleston Airport. In the last 18 months, the partnership has raised over $120 million in equity and expanded its asset base to over $400 million, primarily focused on hospitality.
“We are thrilled to add these three outstanding properties to our ever-growing portfolio,” said Glenn Alba, Founder and CEO of Opterra Capital. “We are buoyed by the confidence of our investors and lender partners as we continue to grow TMGOC in a thoughtful manner to deliver strong risk-adjusted returns.”
“We will continue to take advantage of the market dislocation for hospitality acquisitions through the remainder of 2022 and 2023 as we continue to seek off-market acquisitions and compelling development opportunities in premier, high-growth locations with healthy business and leisure demand.” said Sunju Patel, Founder and CEO of The Montford Group.
TMGOC’s portfolio comprises twenty-two real estate assets, including two Moxy by Marriott hotels under construction (Charleston, SC and Charlotte, NC). The partnership’s future development pipeline is over $360 million with two luxury lifestyle hotels in Charleston, SC, an extended stay hotel at Jacksonville Airport and a mixed-use multifamily, retail and hotel project in downtown Macon, GA. Combined, the firm’s portfolio and pipeline include 2,526 hotel keys, 335 residential units, and 40,000 SF of office and retail in Florida, South Carolina, North Carolina, and Georgia.
About Sunbelt Portfolio:
Courtyard Myrtle Beach Broadway is located minutes from the beach, across from the Pelicans Ballpark, Coastal Carolina University and a 5-minute walk to Broadway at the Beach, a retail and entertainment destination. The property completed a full interior renovation in April 2022 following an exterior renovation in 2019. The hotel has benefited from these renovations and has already shown penetration gains. Courtyard by Marriott Myrtle Beach hotel reservations can be made through the Courtyard by Marriott website
Hilton Garden Inn Roanoke Rapids is the leading hotel asset in the market, located directly off Interstate 95 and adjacent to the historic Roanoke Rapids Theatre. TMGOC plans a multimillion-dollar upgrade, comprised of exterior improvements and a comprehensive interior renovation, including guest room and bathroom upgrades, technology updates and a public space refresh. Reservations for the Hilton Garden Inn Roanoke Rapids hotel can be made through the Hilton Garden Inn website
Courtyard Charlotte Airport North is one of the closest hotels to Charlotte Douglas International Airport with an easily accessible airport shuttle. The location is also only 10-minutes from Whitewater Center for outdoor recreation and the Bank of America Stadium, home of the NFL Carolina Panthers. Similar to the Hilton Garden Inn Roanoke Rapids, TMGOC plans a substantial renovation of the property which will commence immediately. Courtyard by Marriott Charlotte Airport hotel reservations can be made through the Courtyard by Marriott website
About Aimbridge Hospitality
Aimbridge Hospitality is a leading, global hospitality company offering best-in-class hotel management services across a broad spectrum of franchised branded full service, select service, luxury hotels, destination resorts, convention centers and lifestyle hotels. Aimbridge’s premium portfolio represents over 1,500 properties in 50 states and 23 countries, inclusive of pipeline. With the most robust brand diversity in the industry, Aimbridge operates 84 lodging brands, in addition to more than 90 independent boutique/lifestyle hotels in the portfolio. As the world’s largest third-party operator, Aimbridge is dedicated to its mission to leverage its scale to add value for owners and opportunities for associates better than any other hotel operator. Aligned with a concentrated focus, agility, and expertise for each vertical, Aimbridge drives market success for hotels and optimizes investment returns for owners. Aimbridge Hospitality’s global headquarters is based in Plano, Texas, with additional corporate offices in Atlanta, Calgary, Fargo, Puerto Rico, and Washington, D.C. Evolution Hospitality, Aimbridge’s Lifestyle Division, is based in San Clemente, California, Aimbridge’s International Division, Interstate Hotels & Resorts, has supporting offices across Europe in Amsterdam, Birmingham, and Glasgow. The company’s division in Mexico, Group Hotelero Prisma, has offices in Monterrey and Mexico City.