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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
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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
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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
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HOLIDAY INN EXPRESS & SUITES
TAMPA USF-BUSCH GARDENS
Acquired September 2018
2807 E Busch Boulevard
Tampa, FL 33612
(913) 936-8200
Investment Highlights:
- Strong upside potential following a $2.3 million PIP post-acquisition
- Well located adjacent to Busch Gardens in Tampa as well as University of South Florida (50,000 students) and a prominent healthcare cluster (4,500 employees)
- NOI margin significantly underperforming comparable Holiday Inn Express & Suites assets.
- Among the fastest growing MSAs in the U.S.
- Experienced local management partner recognized as one of the top 3rd party managers in the U.S.
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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