Oct 19, 2022 The Montford Group. and Opterra Capital Acquire Aloft by Marriott at Charleston Airport & Convention Center
CHARLESTON, S.C. / BOCA RATON, FL. (October 18, 2022) – TMGOC Ventures LLC, a partnership between The Montford Group. and Opterra Capital announced that it has acquired the 136-key Aloft Charleston Airport and Convention Center hotel by Marriott, the only select-service lifestyle hotel at Charleston International Airport. TMGOC plans to invest nearly $3.0 million to renovate the property and has hired Aimbridge Hospitality, the nation’s largest third-party hotel management company, to operate the hotel.
TMGOC acquired the fee simple interest in the Aloft Charleston Airport hotel, making this their third Aloft-branded hotel under ownership. The transaction marks the 5th hotel acquisition in Charleston for the group, which has amassed 708 keys in the Charleston market, including four ground-up construction projects. The first is Moxy by Marriott which is currently under construction and scheduled to open first quarter of 2023.
“Charleston is home to The Montford Group. One of our priorities is to grow our local portfolio. We see strong market fundamentals in our hometown and growing demand in the Charleston Airport submarket with Boeing and the Uptown Tanger expansion,” said Sunju Patel, Founder and CEO of The Montford Group. “Charleston’s robust economic fundamentals and strong lodging market, combined with the City’s rich culture, have elevated it into one of the most popular destinations and one of the most sought-after markets for institutional investors. We are excited to add another Aloft hotel to our portfolio.”
Consistently ranked the past ten years the “Best Destination” in Travel + Leisure’s Readers’ Choice Awards, Charleston enjoys an enviable reputation as a top leisure and drive-to destination further supported by local corporate and regional group demand. “Only two miles from Charleston International Airport, the Aloft Charleston Airport hotel offers business and leisure travelers convenient access to the restaurants and shops at Tanger Outlets and a quick 15-minute drive to Historic Downtown,” said Glenn Alba, Founder and CEO of Opterra Capital. “Together with Aimbridge Hospitality, TMGOC plans to reposition the Aloft as the premier lifestyle hotel at Charleston International Airport.”
Aloft Charleston Airport hotel is home to 136 stylish guest rooms designed with the brand’s signature loft-like layout, featuring nine-foot ceilings and contemporary décor. Each pet-friendly guest room is equipped with free Wi-Fi, keyless Mobile Key entry, and a concierge tablet. The hotel features a XYZ bar, Re:mix℠ lounge with fresh coffee and tea, Re:charge℠ fitness center, Splash℠ indoor pool, dry cleaning services and complimentary on-site parking.
The Aloft Charleston Airport hotel is located at 4875 Tanger Outlet Blvd., and hotel reservations can be made through the Marriott website: https://www.marriott.com/en-us/hotels/chsal-aloft-charleston-airport-and-convention-center/overview/?scid=f2ae0541-1279-4f24-b197-a979c79310b0
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About TMGOC Ventures
TMGOC Ventures is a real estate private equity and development company specializing in the hospitality and multifamily sectors. A joint venture between The Montford Group. and Opterra Capital, TMGOC is focused on acquiring and developing a robust hotel and residential portfolio that creates value for investors, partners, and communities. With over 125 years of combined experience, TMGOC is led by Managing Partners Sunju Patel and Glenn Alba and a team of industry experts with fully integrated experience in hotel acquisitions, development and asset management, and deep market knowledge across the United States, Caribbean, Canada, and Western Europe. Since 2019, TMGOC’s portfolio consists of 16 hotels along with office and multifamily real estate and is strategically poised to grow its portfolio nationally. TMGOC maintains corporate offices in Charleston, SC, Boca Raton, FL and Oakland, CA.
About The Montford Group.
The Montford Group. is a real estate investment and development company with more than 50 years of combined experience in real estate investments, acquisitions, and dispositions along with horizontal and vertical development. From the creative minds of seasoned entrepreneur duo Sunju Patel and Jessica Reid, The Montford Group. set off to curate an unrivaled collection of unique properties and remarkable experiences for people who believe that home and hospitality shouldn’t be rare finds, but the common ground that unites us. The Montford Group. has developed approximately 190,000 SF of residential properties, 275,000 SF of retail space, 500,000 SF of industrial space, 225,000 SF of office space and 90,000 SF of medical office and hospital space. Today, the group’s real estate portfolio consists of 40,000 SF of office and retail, along with 2,096 hotel keys of existing and pipeline properties that include seven ground-up hotel developments in the Southeast, representing over $700 million in assets under ownership and development. For more information, visit https://www.montfordgroup.com
About Opterra Capital, LLC
Opterra Capital is a Boca Raton, Florida-based real estate investment sponsor and operating partner, capital markets advisor, and asset manager with significant experience in all sectors of commercial real estate. Founded by Glenn Alba, a former Managing Director at Blackstone for 20 years, Opterra Capital consists of five industry professional principals with more than 80 years of experience in hotel ownership, asset management and development. Opterra Capital seeks to leverage this expertise towards value-add acquisitions and proactive investment management to deliver attractive, risk-adjusted returns. For more information, visit https://www.opterracapital.com.
About Aimbridge Hospitality
Aimbridge Hospitality is a leading, global hospitality company offering best-in-class hotel management services across a broad spectrum of franchised branded full service, select service, luxury hotels, destination resorts, convention centers and lifestyle hotels. Aimbridge’s premium portfolio represents over 1,500 properties in 50 states and 23 countries, inclusive of pipeline. With the most robust brand diversity in the industry, Aimbridge operates 84 lodging brands, in addition to more than 90 independent boutique/lifestyle hotels in the portfolio. As the world’s largest third-party operator, Aimbridge is dedicated to its mission to leverage its scale to add value for owners and opportunities for associates better than any other hotel operator. Aligned with a concentrated focus, agility, and expertise for each vertical, Aimbridge drives market success for hotels and optimizes investment returns for owners. Aimbridge Hospitality’s global headquarters is based in Plano, Texas, with additional corporate offices in Atlanta, Calgary, Fargo, Puerto Rico, and Washington, D.C. Evolution Hospitality, Aimbridge’s Lifestyle Division, is based in San Clemente, California, Aimbridge’s International Division, Interstate Hotels & Resorts, has supporting offices across Europe in Amsterdam, Birmingham, and Glasgow. The company’s division in Mexico, Group Hotelero Prisma, has offices in Monterrey and Mexico City. For more information, visit www.aimbridgehospitality.com and connect with Aimbridge on LinkedIn.
