Liberty Group announced that it has opened the new Best Western Plus Hotel today in Tampa, Florida.
The hotel, which was operated as a Comfort Inn until yesterday, was previously purchased by Share Hospitality, LLC in 2006 for $5.6 million and subsequently foreclosed upon by CW Capital Asset Management, as special servicer to US Bank, in late 2010.
Liberty Group acquired the distressed hotel for $1.5 million in February 2012 direct from the special servicer and has since invested nearly $1 million over the past year to reposition the property from a Comfort Inn to a Best Western Plus.
“This hotel was certainly underperforming and had been mismanaged by the prior Owner,” says Punit Shah, President and Chief Operating Officer of the Liberty Group. “We were able to acquire it far below replacement cost and have invested in capital expenditures, up-branding, and in training the hotel management team to implement our turn-around strategy.”
The Best Western Plus, located at 2003 S. Frontage Road, is ideally situated directly off I-4 and Park Road in Plant City, close to the Florida Fairgrounds and Hard Rock Hotel & Casino. Liberty Group has spent the past year renovating the hotel from the ground up, including updated furniture packages, flat-panel televisions, common area updates, and landscaping/site upgrades. The property features 60 rooms and suites, a completely updated fitness center, business center and an outdoor pool.
“We are very excited about the repositioning and up-branding of this hotel in a market with such diverse demand generators. We believe in the long-term capital value of this investment and are optimistic that its success will co-align with the continued growth of Plant City and the overall Florida economy. Liberty’s proven ability to physically enhance, reposition, and professionally manage this asset will enable us to maximize operating performance while adding substantial value to the Tampa Bay community,” says Shah.
The hotel will be managed by Liberty Hospitality Management, an affiliated award-winning hotel management company also based in Tampa, Florida.
About the Liberty Group:
Established over three decades ago and now led by Punit Shah, the 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 million 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 http://www.LibertyG.com.