Liberty Group and Hilton Hotels are proud to announce the acquisition of the Hampton Inn & Suites in downtown Cape Coral, Florida. Built in 2005 and ideally located between Miami and Tampa, the hotel offers the perfect base for guests to discover the Fort Myers/Cape Coral area.
"The Hampton Inn & Suites in Cape Coral adheres to our investment strategy of acquiring under-valued top-tier assets. The Southwest Florida market continues to demonstrate significant resurgence and economic recovery and we anticipate creating tremendous value through our great relationship with Hilton Hotels, and increasing Net Operating Income through capital improvements and operational efficiencies," said Punit R. Shah, President & Chief Operating Officer of the Liberty Group.
The hotel features 75 guestrooms & suites, an outdoor pool, fitness center, 2,000sf meeting room, and atrium-style great room. Located amongst numerous demand generators, the award-winning hotel is preferred by corporate and leisure travelers alike.
Forbes Magazine recently named Cape Coral as #1 for employment growth in the entire United States for 2013 with projected growth of 23%.
The Hotel was developed in 2005 for a reported cost of $7.5m and subsequently foreclosed upon by its senior lender in 2011. Liberty acquired the distressed hotel direct from the lender at a significant discount to the unpaid principal balance. Liberty Group intends to invest in significant renovations and enhancements to the hotel in mid 2013.
The hotel will be managed by Liberty Hospitality Management, an affiliated-entity of the Liberty Group. Liberty Group continues to focus on hotel acquisitions, specifically targeting stabilized portfolios in excess of $20m.
ABOUT THE LIBERTY GROUP
Established over three decades ago by Raxit Shah and now led by his son Punit Shah, Liberty Group is a full-service, vertically integrated hotel investment, development, and management company that prides itself on its proven entrepreneurial and strategic approach to investment placement. Liberty targets its investments to maximize asset performance through clear and concise investment goals. Its proactive, integrated approach of continually assessing each investment with regard to its performance, market position, current value, and capital structure allows Liberty to monitor the market and optimize returns. With over $265,000,000 invested across various asset classes in the United States and United Kingdom, the Liberty Group demonstrates a proven track record behind successful real estate investment and development. To learn more, please visit www.LibertyG.com.