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Hotels We Own
HOTEL THEO NEW ORLEANS
TAPESTRY COLLECTION
Acquired July 2024
535 Gravier Street
New Orleans, LA 70130
(504) 527-0006
Investment Highlights:
- Renovate, reposition and brand exceptionally well-located hotel in New Orleans
- TCOR has a significant history of market experience in New Orleans
- Excellent proximity to corporate, leisure, university and convention demand generators
- Located between the French Quarter and Convention Center in the burgeoning Warehouse District
- Purchase price including PIP well below replacement cost and market comps
- Strength of Hilton reservation system
- New management with a long history of New Orleans success
EMBASSY SUITES BY HILTON
COLORADO SPRINGS
Acquired June 2024
7290 Commerce Center Drive
Colorado Springs, CO 80919
(719) 599-9100
Investment Highlights:
- Diverse growth market with leisure, medical, university, military, high-tech manufacturing and corporate demand generators
- Hilton brand family and segment leader brand
- Strategic PIP that will modernize and help reposition asset
- Purchase price including PIP well below replacement cost
- Close proximity to marketās top demand generators
- Management partner with extensive experience and presence in Colorado Springs
- Near 10% cap deal on in place cash flow
SPRINGHILL SUITES BY MARRIOTT AUSTIN WEST/LAKEWAY
Acquired January 2022
322 Medical Parkway
Lakeway, TX 78738
(512) 599-4434
Investment Highlights:
- Opened in August 2020 as a top business and leisure offering.
- Well located near popular attractions including Lake Travis and Hill Country Galleria
- 20 miles from Austin Bergstrom International Airport
SPRINGHILL SUITES BY MARRIOTT JACKSONVILLE
Acquired December 2019
4385 Southside Boulevard
Jacksonville, FL
32216
(904) 997-6650
Investment Highlights:
- Purchase price including PIP below replacement cost
- Well located near healthcare, leisure, military, and corporate demand generators between downtown Jacksonville and the Atlantic Coast
- Extensive renovations completed three years prior to acquisition
- Additional renovation post acquisition led by TCOR
- Superior RevPAR to competitive set through the time of acquisition
- High quality GM identified by TCOR pre-transaction
- Significant ownership-related expense reductions identified by TCOR
EMBASSY SUITES BY HILTON
BALTIMORE BWI AIRPORT
Acquired February 2019
1300 Concourse Drive
Linthicum, MD 21090
(410) 850-0747
Investment Highlights:
- Diverse market with airport, government, leisure, and corporate demand generators
- Proximity to BWI International Airport (~three miles away)
- Hilton brand family
- Purchase price including PIP significantly below replacement cost
- $2.5 million in PIP required post-acquisition
- TCOR familiarity with property from previous experience
- Property can be repositioned through further renovation and business mix
TOWNEPLACE SUITES BY MARRIOTT
DALLAS LEWISVILLE
Acquired January 2018
731 E Vista Ridge Mall Drive
Lewisville, TX 75067
972.459.1275
Investment Highlights:
- Well located in suburban Dallas with exceptional demographic trends
- Proximity to multiple demand generators including corporate campuses, regional entertainment, and convention destinations
- TCOR partnered with superior management company experienced in successfully managing another TownePlace Suites in the DFW market
- Renovation completed immediately prior to acquisition
- Underperforming from NOI margin perspective
- Quality hotel brand in the Marriott family