GRAPEVINE, TX--2GR Equity, a real estate investment firm based in Grapevine, has announced its equity investment into a joint venture with San Antonio-based hotel developer/operator Phoenix Hospitality Group (“PHG”).

The newly formed JV will construct a five-story, 138-room Hilton Garden Inn with an attached 12,000-square-foot conference center.

“The principals of Phoenix Hospitality Group have operated in the hospitality industry for years and much of that time has been in the San Antonio market,” Elizabeth Roll, of 2GR, told GlobeSt.com. “This makes them an ideal group for us to partner with on this venture.”

The hotel will be located in the southwest quadrant of I-35 and Loop 1604, off of Pat Booker Road and directly across from the Forum at Olympia Parkway, one of the largest shopping centers in Texas with more than 1.5 million square feet of shopping and restaurants totaling more than 120 stores. More than 450,000 cars travel through the I-35/Loop 1604 exchange daily.

The venture is a Public/Private Partnership with the city of Live Oak. In addition to a grant from the city to help subsidize the construction cost of the property, the city is entering into a new, 20-year lease for the conference center, which includes an abatement of hotel occupancy taxes. 

This is the first hospitality investment made by 2GR Equity since its founding in 2011. 2GR Equity principal and co-founder, Isaac Gregory, says that while the location, visibility, brand and market fundamentals made the deal compelling, the public/private partnership and city incentive package made the opportunity unique.