TMGOC VENTURES REACHES $1 BILLION
CHARLESTON, S.C. / BOCA RATON, FL. - September 12, 2023
TMGOC Ventures (TMGOC), a joint venture partnership between The Montford Group and Opterra Capital, a real estate and development private equity firm headquartered in Charleston, S.C. and Boca Raton, Fla., today announced it reached $1 billion under ownership and development.
Since its inception in 2019, TMGOC has grown rapidly amassing $1 billion in existing and development pipeline investments. The impressive portfolio boasts strong partnerships with leading hotel brands including Ritz-Carlton, Thompson by Hyatt, Autograph Collection, Tapestry Collection by Hilton and Moxy by Marriott.
TMGOC prides itself on its ability to identify high-potential lodging and multi-family projects ripe for either value-add opportunity or ground-up development in markets characterized by high barriers to entry and diverse demand drivers.
“Since our founding, we have been intentional and deliberate in choosing our partners and our projects with a focus on opportunities that deliver long-term value to our stakeholders,” said Co-Founders and Managing Members Sunju Patel and Glenn Alba. “This milestone is a testament to our shared vision and we’re eager to continue our expansion into new markets and opportunities.”
TMGOC is the brainchild of industry veterans and Co-Founders, Sunju Patel and Glenn Alba, who sought to create a firm that would best serve investors, capital markets and debt partners. The result is an agile, experienced firm with an entrepreneurial spirit guided by an institutional mindset.
Patel and Alba, with their combined nearly 50 years of industry experience, have consistently delivered value to investors. Together, they’ve built an impressive portfolio, boasting 2,620 hotel keys in existing hotels and ground-up development pipeline across the country, along with opportunistic multi-family, office and retail investments.
Alba, with his extensive expertise in financing, asset management, valuations, and real estate disposition, has personally overseen more than $4 billion in hotel asset sales. His exceptional career includes a 20-year tenure with Blackstone Real Estate, where he served as Head of Global Portfolio Management and led the Asset Management of the firm’s hotel investments in the United States.
Patel, a seasoned entrepreneur and visionary real estate leader, boasts more than 20 years of experience in investments, acquisitions, dispositions, and both horizontal and vertical development. He has a deep knowledge of the hospitality industry, honed by rising through the hotel ranks in Charleston, S.C., and brings a creative approach and streetsmart sensibility to deal-making and construction projects.
TMGOC is also a magnet for top talent, as evidenced by the recent appointment of former Canyon Partners Real Estate executive Krystal England as the first Chief Investment Officer. Since joining, England has already helped double the firm’s portfolio and introduced new preferred equity and rescue capital offerings to its capabilities. Before joining TMGOC, England served as a Managing Director at Canyon Partners Real Estate in Los Angeles where she structured and deployed nearly $500 million and oversaw a $1.5 billion hospitality portfolio comprising both debt and equity positions.
“I’ve had the pleasure of working with Sunju and Glenn on various projects throughout our careers,” said England. “Not only are they friends but they are dedicated professionals and excellent leaders. I could not be happier to join them officially at TMGOC Ventures as we build out the most robust hospitality and private equity firm in the industry.”
“Ms. England, with her decade-plus of hands on experience leading hospitality and real estate investments, is a perfect fit for TMGOC Ventures as Chief Investment Officer,” said Alba. “We’re thrilled to welcome her to the team and look forward to continuing TMGOC’s growth trajectory.”
England’s addition bolsters the venture’s investment expertise and brings added construction and financing acumen, highlighted by a collection of iconic properties including the SLS Brickell in Miami, Culver City’s Ivy Station, the Carte (Autograph) in downtown San Diego, Moxy by Marriott Miami South Beach, and the Residences at Little Nell in Aspen, Colo.
“A seasoned industry expert like Ms. England is a natural addition to the growing TMGOC team,” added Patel. “There’s no question that her extensive asset management experience will be an enormous asset, and we’re pleased to welcome her on board.”
Recent TMGOC developments include the recently opened Moxy Charleston Downtown, the first Moxy by Marriott in South Carolina, a 131-room boutique hotel featuring a rooftop with expansive views of the Peninsula and iconic Ravenel Bridge. Additional projects underway include a 208-key Moxy by Marriott under construction in the heart of Uptown Charlotte, N.C., a 162-key Tapestry Collection by Hilton and 233-unit multi-family mixed-use development in Macon, Ga., a 191-key Thompson by Hyatt in Charleston, S.C., a 150-key and 20 residences Autograph Collection in Charleston, S.C., and a 100-key and 20 residences Ritz Carlton in Savannah, Ga.
TMGOC’s existing portfolio currently consists of properties primarily located in the Southeastern U.S., with plans to expand to additional key markets in Arizona, Colorado and Utah.
Daniel Monroe, Director