ST. LOUIS-Midas Capital, an investment company specializing in hotel acquisition and development, recently acquired its first property only four months after opening for investor subscriptions.
Midas Capital has raised $18 million, calling $15 million during its first phase with the help of 60 investors. The company purchased the dual-branded Residence Inn/Fairfield Inn & Suites by Marriott-Charlotte Airport located at 2220 W. Tyvola Road in Charlotte, NC.
Midas Capital – the sister company of premier hotel management group Midas Hospitality which is headquartered in St. Louis, MO – was created in Oct. of 2017 and started raising capital in Feb. of 2018, offering investors a fund vehicle targeted at approximately 10 to 15 hotel projects. The company is actively working on a pipeline of yet selected hotels. Midas Capital continues to fundraise for the $100 million Midas Hotel Fund.
The acquired 204-room hotel opened in Dec. of 2016 and consists of a 113-room Residence Inn by Marriott and a 91-room Fairfield Inn & Suites by Marriott. The hotels jointly feature an outdoor swimming pool, a large fitness center, and a 2,250-square-foot meeting space. The dual-branded hotel is located minutes from Charlotte Douglas International Airport and offers convenient access to the Charlotte Premium Outlets, Carowinds Amusement Park, Bank of American Stadium, Time Warner Cable Arena, and NASCAR Hall of Fame.
“We know this is an excellent property as we’ve been involved since the inception of the development and managed the property since opening for a third-party relationship,” said Midas Capital’s Managing Member and Co-Founder J.T. Norville.
Midas Capital has offices at 1804 Borman Circle in St. Louis, which is the headquarters of Midas Hospitality, and at 63 Wall St. in New York.