Midas Hospitality Launches $100M Fund to Build Bigger Projects

By on February 13, 2018

From St. Louis Post-Dispatch:  Midas Hospitality, a growing hotel operator in the St. Louis area, has plans to raise up to $100 million to help fund future acquisitions and development.

The money raised will be deployed in key markets such as Charlotte, N.C., Dallas, Atlanta, Denver and St. Louis, and help accelerate future growth. Midas, along with an affiliated development firm called MC Hotel Construction, separately reported a combined $137.7 million in revenue in 2017, a 40 percent increase over 2016.

Established in 2006, Midas has developed approximately $500 million worth of hotel properties across 14 states. The company is behind two high-profile projects soon to begin in midtown — the $25 million, 153-room Element by Westin on the site of the current Habitat for Humanity St. Louis headquarters at 3763 Forest Park Avenue, and the $28 million, 129-room Aloft Hotel in Cortex at 4245 Duncan Avenue. Habitat for Humanity St. Louis is moving its headquarters to a former grocery store property at the corner of South Grand Boulevard and Chippewa Street in south St. Louis.

Midas also recently opened the $25 million dual-branded Residence Inn and Fairfield Inn & Suites by Marriott in Maryland Heights in January.

The new fund, said co-founder and managing member J.T. Norville, is a “unique vehicle for our investors in St. Louis.” Approximately $5 million of the total fund has been raised to date, Norville said.

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