Liberty Group has acquired the Hampton Inn & Suites by Hilton in Tampa, Florida. The purchase marks Liberty’s 18th hotel acquisition throughout the United States since 2010. Built in 2005, the hotel is strategically located on Interstate 4 between Tampa and Orlando, and adjacent to the Hard Rock Hotel & Casino and the Florida State Fairgrounds & Amphitheatre. The Hard Rock recently was named the fourth largest casino in the United States and sixth largest in the world, with additional expansion planned in the near future.
“This hotel perfectly compliments our growing portfolio, and we have strategically acquired the hotel immediately prior to the Republican National Convention to capture the additional revenue during this event,” said Punit R. Shah, Liberty’s president and COO. “Long-term, we anticipate creating tremendous value through our great relationship with Hilton Hotels, increasing RevPar and Net Operating Income through capital improvements and operational efficiencies, and continued cap rate compression.”
The hotel will be managed by Liberty Hospitality Management, an affiliated-entity of the Liberty Group.
Prior to Liberty Group’s acquisition, the hotel most recently was sold in 2008 for $8.5 million, and subsequently foreclosed upon by its senior lender Bank of America/Morgan Stanley and its special servicer, CIII Asset Management in 2011.
