CAPE CORAL, Fla.—Liberty Group and Hilton Hotels announced the acquisition of the Hampton Inn & Suites in downtown Cape Coral, Florida.
“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 and suites, an outdoor pool, fitness center, a 2,000 square feet meeting room, and atrium-style great room. The hotel was developed in 2005 for a reported cost of $7.5 million 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 $20 million.