Liberty Group, Tampa, Florida, has acquired for US$24 million from the Carlyle Group and Blackstone a portfolio of four branded hotels with a total of 317 guestrooms along Florida’s east coast.
The portfolio includes:
Fairfield Inn & Suites – Fort Pierce, Florida
Hampton Inn – Daytona/Ormond Beach, Florida
Hampton Inn – Vero Beach, Florida
Country Inn & Suites – Vero Beach, Florida
The hotels will be managed by Liberty Hospitality Management and undergo significant capital improvements as part of the investment strategy, repositioning the assets through investing in renovations and operational efficiencies.
The acquisition marks Liberty Group’s 54th hotel acquisition since its founding 35 years ago. In past 18 months, Liberty Group has acquired or opened 14 hotels representing approximately US$125 million in investments.
“The upper select-service segment of the hospitality industry continues to outperform other real estate investment sectors, and we are pleased with this accretive transaction acquiring premium-branded hotels while adhering to our disciplined investment strategy,” said Punit Shah, CEO of Liberty Group. “We are eager to utilize our proven managerial expertise, economies of scale, and favorable capital structure to unlock value in each of these hotels.”