Legendary Capital has sponsored the acquisition of an interest in a partnership that owns the 153-room Hilton Garden Inn El Paso University. Through the transaction, the sponsored entity became a minority partner in the hotel’s ownership.
“This transaction structure is new to us, but we knew this property was perfect for a unique method of transacting,” said Legendary Capital CEO Corey Maple. “We are proud to join our new partners in El Paso, and we are excited to see what’s to come for this Hilton Garden Inn.”
The hotel is located in the El Paso Metropolitan Statistical Area (MSA), which has a population of 840,000. The property is located near the University of Texas El Paso (UTEP) and the Fort Bliss military base. UTEP has an enrollment of around 24,000 students and boasts multiple division one sports teams. Fort Bliss is home to over 38,500 active-duty military personnel.
The property opened in 2006 and has been a consistent top performer since then. The property has seen rising RevPAR year after year and is the only hotel located on the UTEP campus.
Legendary Capital is optimistic that the property will continue to be a top performer in the submarket going forward and capture new demand in the market.
“There’s a reason the Hilton Garden Inn is our third acquisition in El Paso,” said Linzey Erickson, President, Legendary Capital. “We love the market because of its international trade, health care and leisure demand generators. It’s a truly diverse market.”