Torchlight Investors today announced that it has provided $21.0 million to finance the recapitalization of a 429-key Sheraton hotel located in Downtown Fort Worth, Texas.
The Sheraton Fort Worth is a two-tower, 12-story, full-service hotel. The property offers three food and beverage outlets including a restaurant and bar, a lobby bar and a grab-and-go café. Additional amenities include a fitness center, an indoor pool, a business center and approximately 22,000 square feet of meeting and event space, all of which were recently renovated. The local trolley, a convenient downtown public transit option, stops directly in front of the hotel providing hotel guests access to the commuter rail, Amtrak, and Sundance Square, a 35-block shopping and entertainment district in Downtown Fort Worth.
The hotel is situated in a highly visible location in Downtown Fort Worth, conveniently located two blocks from the Forth Worth Convention Center and adjacent to the Texas A&M Law School Campus and the Fort Worth Water Gardens. The area is characterized by restaurants, hotels, condominiums, educational facilities, and office developments. Downtown Fort Worth has experienced years of revitalization with the modernization of Sundance Square, Frost Tower, and an addition of over 1500 units of multifamily inventory over the last three years. The city is experiencing further growth with a proposed expansion of the Texas A&M Law School Campus and the 2018 opening of the intermodal rail line connecting the Forth Worth CBD to Dallas/Fort Worth International airport.
"Downtown Fort Worth has experienced revitalization for the past few years and not surprisingly has been among the fastest growing cities in the nation. The desirable location as well as the long-term franchise agreement with Starwood makes the Sheraton Fort Worth a high quality investment for our investors" said Steve Schwartz, Managing Director of Origination and Acquisitions.
Torchlight Investors is an independent SEC registered investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments with approximately $4.5 billion of assets under management. Torchlight has launched nine investment funds (three fully realized) including eight opportunistic and value-added funds. Torchlight’s affiliate, Torchlight Loan Services, is the named special servicer on $17.6 billion in CMBS and manages over $1.3 billion of distressed commercial real estate loans.