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Hospitality and Tourism

Charleston-based group acquires 3 hotels

Hospitality and Tourism
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TMGOC acquired a portfolio comprised of the fee simple interests in the 135-room Courtyard Myrtle Beach Broadway. (Photo/Provided)

TMGOC Ventures, a partnership between Charleston-based The Montford Group and Opterra Capital, has closed on the acquisition of three select-service Marriott- and Hilton-branded hotels totaling 430 rooms in Myrtle Beach, Charlotte and Roanoke Rapids, N.C.

TMGOC acquired a portfolio comprised of the fee simple interests in the 135-room Courtyard Myrtle Beach Broadway, the 147-room Hilton Garden Inn Roanoke Rapids, and the 148-room Courtyard Charlotte Airport, the release stated.

TMGOC will invest in substantial physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability, the release stated. The company hired Aimbridge Hospitality, the nation's largest third-party hotel management company, to operate the North Carolina hotels; Marriott manages the Courtyard Myrtle Beach, according to the release.

 Financial terms of the deal were not disclosed.

“We will continue to take advantage of the market dislocation for hospitality acquisitions through the remainder of 2022 and 2023 as we continue to seek off-market acquisitions and compelling development opportunities in premier, high-growth locations with healthy business and leisure demand.” said Sunju Patel, founder and CEO of The Montford Group, in the release. 

The Carolinas portfolio caps an acquisition streak of six hotels and hotel developments this fall for TMGOC, which includes the recently acquired Hilton Garden Inn Miami Beach and Aloft Charleston Airport, the release stated. In the last 18 months, the partnership has raised over $120 million in equity and expanded its asset base to over $400 million, primarily focused on hospitality.

“We are buoyed by the confidence of our investors and lender partners as we continue to grow TMGOC in a thoughtful manner to deliver strong risk-adjusted returns,” said Glenn Alba, founder and CEO of Opterra Capital, in the release.

TMGOC’s portfolio comprises 22 real estate assets, including two Moxy by Marriott hotels under construction (Charleston and Charlotte), the release stated. The partnership’s future development pipeline is over $360 million with two luxury lifestyle hotels in Charleston, an extended stay hotel at Jacksonville Airport and a mixed-use multifamily, retail and hotel project in downtown Macon, Ga.

Combined, the firm’s portfolio and pipeline include 2,526 hotel keys, 335 residential units, and 40,000 square feet of office and retail in Florida, South Carolina, North Carolina and Georgia, the release stated. 

Reach Jason at 864-568-7570.

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