Argosy Real Estate Partners Exits the SpringHill Suites by Marriott in Fort Worth, TX
On September 1, 2022, a partnership controlled by Argosy Real Estate Partners exited its investment in the SpringHill Suites by Marriott, a 2004 vintage, 145-room select-service hotel located in Fort Worth, Texas. The hotel is located less than five miles from downtown Fort Worth, two miles of Texas Christian University and less than two miles of Will Rogers Memorial Center, a 120-acre cultural district featuring a variety of multi-purpose event facilities and exhibit halls that host equestrian and livestock shows. The SpringHill Suites was sold to a private hospitality investment firm.
In December 2018, Argosy partnered with PEG Development to acquire the SpringHill Suites as part of a five-property select-service hotel portfolio consisting of the Springhill Suites and four Marriott Residence Inns located in Atlanta, GA, Philadelphia, PA, Dallas, TX and Boulder, CO. The partnership continues to own the Residence Inn hotels.
PEG Development is a Salt Lake City-based private commercial real estate platform specializing in hotel and multifamily investments, development and management. PEG is an experienced Marriott branded developer and manager with an in-house construction and general contractor services platform.