Southeastern Real Estate Group has sold the Home2 Suites Fort Worth (Texas) Cultural District to a joint venture between Ad Astra Capital and TMGOC Ventures in a transaction led by Kami Burnette, SVP at Hunter Hotel Advisors. The sale price was not disclosed.
Completed in 2020, the hotel is in one of the city’s most prominent cultural and entertainment corridors. Local demand generators include Dickies Arena, Will Rogers Memorial Center, Casa Mañana Theatre, the Fort Worth Museum of Science and History and multiple museums, all within walking distance or a short drive.
“The Home2 Suites Forth Worth Cultural District is an exceptional asset with an irreplaceable location at the epicenter of growth in Fort Worth,” Jack Cantele, partner at Ad Astra, said in a statement. “It is rare to find an opportunity with such a wide range of both irreplicable features and value-add opportunities at such an attractive cap rate. Rooted in Texas, Ad Astra Capital is passionate about investing in hotels in the Lone Star State, and we couldn’t have picked a better hotel to mark our initial investment here at home. Fort Worth is in the midst of a renaissance driven by the Historic Stockyards, Dickies Arena, a substantial Convention Center expansion, and millions of square feet of active commercial development, and we are thrilled to play a small part in that excitement. We are grateful for the support of our wonderful partners who helped get this done including TMGOC Ventures and Inwood National Bank as well as Hunter Hotel Advisors who facilitated a tight process and seamless execution.”
"At TMGOC, we focus on identifying distinctive opportunities—whether through strategic acquisitions or purpose-built developments—that resonate with our investors,” said TMGOC Co-Founder and Managing Partner Glenn Alba. “The Home2 Suites Fort Worth Cultural District exemplifies this approach, delivering a high-performing asset in one of the nation’s most desirable markets. We’re thrilled to partner with Hunter Hotel Advisors and Ad Astra Capital on our first property in the Lone Star State and look forward to expanding our presence in Texas.”
The four-story hotel has 162 suites with full kitchenettes (including a full-sized refrigerator, microwave and dishwasher) and dedicated dining space. Amenities include 630 square feet of meeting space, an outdoor pool, fitness center, business center and complimentary breakfast.
“Transactions of this scale and caliber underscore the depth of investor demand for high-performing assets in established submarkets,” Burnette said. “The Home2 Suites Fort Worth Cultural District represents a rare combination of institutional-quality construction, exceptional operating performance and a location at the center of one of DFW’s most vibrant submarkets. This sale demonstrates the pent up demand for high-yielding hotels that are well-positioned in proven submarkets nationwide.”