Joint Venture Purchases Two Florida Properties

Islander Resort in Islamorada, Florida

TAMPA, Florida – The Plasencia Group, a lodging investment advisory and consulting firm, represented Hobbs & Curry Family Limited Partnership in the sale of the 227-room Hilton St. Petersburg Carillon Park in St. Petersburg, Florida, and the 139-key, 24-acre, Islander Resort in Islamorada, Florida. The two properties were purchased by a joint venture of Lubert-Adler Real Estate Funds and Hersha Hospitality Management, both based in Philadelphia, and Loci Capital, based in Tampa, Florida. Hersha Hospitality Management will operate both assets.

A team of The Plasencia Group’s principals, including CEO Lou Plasencia, Senior Managing Director Robert Wiemer, and Managing Directors Nick Plasencia and Chris Plasencia, represented the seller in facilitating the transactions. This transaction marks the firm’s second in the Florida Keys in the last 100 days. The Plasencia Group has now transacted the three largest hotel and resort asset sales in the state of Florida, by dollar volume, in the last twelve months.

“Completing complex transactions during the COVID-19 pandemic takes creativity and perseverance. We commend our client and the purchaser for their collaborative efforts while patiently navigating through this environment,” said Chris Plasencia.

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“The Hilton and Islander Resort have two entirely different location and demand profiles. This transaction is emblematic of the unprecedented investor interest in Florida lodging properties today, especially those on or near the coast,” added Nick Plasencia. “The state’s resilient economy and lodging outperformance has piqued the interest of sophisticated investors across the country looking to invest in assets just like these.”

Over the past 100 days, The Plasencia Group has completed more than $200 million in hotel and resort transactions to well-capitalized investors who are actively acquiring hotels as early movers in this part of the investment cycle. Additionally, the firm has completed more than 100 engagements in Florida, representing every brand family and asset type across each major market in the Sunshine State.

 


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