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07/31/2012

FW Holiday Inn Express on Lancaster sold by developer

The Holiday Inn Express on the west edge of downtown Fort Worth has been bought by the Admiral Capital Real Estate Fund, a partnership of Admiral Capital Group and USAA Real Estate Co. in San Antonio, and Franklin Croft, Inc.

The 132-room hotel at 1111 W. Lancaster Ave., a part of the InterContinental Hotels Group family of brands, was sold by Pearl Investments, which bought the property in 2008 and renovated the former Care-A-Lot Inn building into the hotel. The structure was built in 1950.

The hotel, at Henderson Street just north of Interstate 30, is adding 31 rooms this year on the sixth floor of the building. The floor was not renovated in the initial project, but planned for.

The hotel will be managed by Dallas-based Aimbridge Hospitality, Admiral Capital said.

"This hotel benefits from a diverse base of demand generators and is uniquely positioned as a high quality, value alternative in the downtown Fort Worth market," said Daniel Bassichis, co-founder of the Admiral Fund, in a statement. "The ability to acquire this hotel at an attractive basis and create additional value with an expansion plan made this an exceptional opportunity for our fund."

Admiral Capital Real Estate Fund is a private equity fund with over $100 million in assets under management, including a 120,000-square-foot office building in El Segundo, Ca., two office buildings in Austin, a hotel in Houston and a performing mortgage on a non-gaming hotel in Las Vegas.

The fund was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs.

Pearl Investments several years ago also renovated the former Clarion hotel downtown into an Embassy Suites.

The new owners financed the deal with a $13.9 million note with C-III Commercial Mortgage, deed records show.

- Sandra Baker

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