The real estate fund founded by basketball hall-of-famer David Robinson acquired a majority share of a Hilton Worldwide Inc. property in Houston, marking its first hotel investment.
The Admiral Capital Real Estate Fund, which has more than $100 million of assets under management, is run in partnership with USAA Real Estate Co. and also owns office buildings in El Segundo, California, and Austin, Texas.
The 190-room Hilton Garden Inn, which opened in 2008, caters to the nation’s largest oil and gas clients. Part of Admiral’s plan calls for the creation of internships and job mentoring for low-income residents in the area.
Financial terms weren’t disclosed.
“We’re always looking to build long-term partnerships with like-minded people,” Christopher Nassetta, chief executive officer of Hilton Worldwide, said in a statement.
Admiral’s founders have pledged 10 percent of profits to philanthropic causes in areas where the fund invests.
The National Basketball Association’s Community Assist Award is named for Robinson, who donated $10 million to create Carver Academy, an independent school in San Antonio.
Robinson spent his entire 14-year career with the Spurs, winning two championships.