ST. LOUIS—Midas Hospitality has created a sister company called Midas Capital. The company’s new office, which is located at 63 Wall St. in New York, will be led by Director of Investments Josh Burrell. Director of Investments Eric Goettelmann will head the St. Louis office, the headquarters of Midas Hospitality.
Midas Capital will offer investors a new fund vehicle in order to raise money for future hotel acquisitions and developments. Instead of investing in only one hotel, this new opportunity gives Midas investors greater diversification as the fund targets approximately 10-15 hotel projects. Midas Capital plans to raise up to $100 million by the middle of 2019 with the assistance of approximately 250 investors. Midas Capital estimates its new fund will allow Midas Hospitality to employ an additional 350 employees across the Midwest and Southeastern states.
Burrell’s responsibilities include strategy development, acquisition due diligence, investor relations, and sector research. He possesses more than 10 years of investment advisory, capital markets and acquisition work. He’s a member of the New York Society of Security Analysts and a member of the CFA Institute. Prior to joining Midas Capital, he served as the VP in the Capital Advisory Group for Lazard Asset Management, a global investment banking firm based in New York City. Burrell previously worked as a senior analyst in both New York and London at Moody’s Investor Services. He currently serves as a board member on the Gateway Disabled Ski Program and holds FINRA Series 7 and 63 licenses.
Goettelmann’s responsibilities include managing equity raises, as well as leading projects and corporate financing initiatives such as modeling and underwriting for new developments and acquisitions, deal structuring, debt procurement, debt management, financial reporting, forecasting, performance analysis, and ensuring Midas Capital and its funds are operating within compliance of the SEC and other regulatory bodies. He has more than 10 years of finance, accounting, business development and acquisition, and consulting experience, which includes serving as controller for Midas Hospitality.
“Midas Capital offers a new approach to our investors where they can now be involved with multiple hotels and opportunities at one time,” said Co-Founder and Managing Member J.T. Norville. “We are looking at developing a wider diversification of business ventures where we can make the best use of our long-term experience, strong network, and vertically-integrated brand.”
Founded 12 years ago, Midas Hospitality counts 40 hotels in its portfolio—all middle-market hotels that aren’t as impacted by cuts in business travel and can weather swings in the economy. Recent projects include a $28 million,100-room Hampton Inn and a 107-room Home2 Suites in Minnesota; a $20 million Residence Inn in Charlotte, NC; and a 110-room Courtyard by Marriott in Clemson, SC, that it acquired $16.5 million. Midas Hospitality reported $79.4 million in revenue last year, a 1,626% spike since 2006.