Sep 23, 2022 The Montford Group. and Opterra Capital Acquire Hilton Garden Inn, a 96-key hotel in Miami Beach, Florida
MIAMI, FL. – September 21, 2022 – TMGOC Ventures, a partnership between The Montford Group. and Opterra Capital have closed on their thirteenth joint venture, The Hilton Garden Inn Miami Beach located at the corner of 29th and Collins Avenue in the heart of Miami Beach. The property, which will be managed by Aimbridge Hospitality, is located one block from the sand and proximate to high-street shopping on Lincoln Road, the Miami Beach Convention Center, and one block from the new ultra-luxury Faena District. This transaction marks TMGOC’s eighth acquisition in Florida.
“We are looking forward to making meaningful interior improvements to the hotel,” said Sunju Patel, Founder and CEO of The Montford Group. “Previous ownership completed a transformational renovation in 2015, and we will further leverage the character of the historic structure.”
“Miami Beach has historically ranked among the best-performing hotel markets in the Southeast,” said Glenn Alba, Founder and CEO of Opterra Capital. “Miami Beach is one of the few US submarkets which have exceeded pre-COVID performance and it continues to have runway for additional growth, making this a very attractive investment opportunity.”
The Hilton Garden Inn Miami Beach hotel is home to 96 guest rooms within the historic Royal Polo Hotel building, an Art Deco landmark in the Mid-Beach. Each guest room is soundproofed and equipped with free Wi-Fi and keyless Mobile Key entry. The hotel offers amenities including a fitness center, on-site restaurant, a business center and beach access.
The Hilton Garden Inn Miami Beach hotel is located at 2940 Collins Ave, Miami Beach., and hotel reservations can be made through the Hilton Garden Inn website: https://www.hilton.com/en/hotels/miasbgi-hilton-garden-inn-miami-south-beach/?SEO_id=GMB-AMER-GI-MIASBGI&y_source=1_MjYzNzcwNS03MTUtbG9jYXRpb24ud2Vic2l0ZQ%3D%3D
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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 has invested in and developed 14 hotels along with office and multifamily real estate and is strategically poised to grow its portfolio nationally. TMGOC maintains corporate offices in Charleston, S.C., Oakland, CA., Miami, and Boca Raton, FL.
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 2,505 hotel keys of existing and pipeline properties that include six ground-up hotel developments in the Southeast, representing over $700 million in assets under ownership and development. For more information, visit https://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.