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Local Equity Fund Buys Historic Fort Worth Hotel

FORT WORTH-The buyer of a historic local hotel made a first attempt in April, he tells GlobeSt.com, but was thwarted by the cap-markets crisis. Persistence won out.

By John McCloud | Updated on December 10, 2007

FORT WORTH-A local private real estate equity fund closed Dec. 7 on the purchase of the historic Hotel Ashton in Downtown Fort Worth. Vintage Capital Partners acquired the 39-room luxury property at 610 Main St. from Shirlee and Taylor Gandy, a husband-and-wife investment team also based in the city. The price was undisclosed.

Listed on the National Register of Historic Places, the property consists of two separate structures: the six-story Forth Worth Club Building, constructed in 1915, and the two-story Winfree Building, built in 1890. The two buildings were joined in 1937 through construction over a service alley.

According to Matt Mildren, a partner at Vintage Capital, the deal was an off-market transaction. “I approached the owners and asked if they’d be interested in entertaining an offer,” he recalls. “It turns out they were.” Mildren made the initial offer in April, but the crisis in the capital markets delayed consummation of the deal. He says he finally found financing through Southwest Bank, a Fort Worth-based institution with seven branches.

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