Press Release brought to you by HFF

HFF closes $11.15 million sale of 148-room Hilton Garden Inn near Tampa, Florida

04/22/2015

TAMPA, FL – April 22, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.15 million sale of the Hilton Garden Inn Tampa North hotel, a 148-key, limited-service hotel near the University of South Florida in Temple Terrace, Florida.  

HFF marketed the property on behalf of the seller.  Excel Group purchased the offering free and clear of debt. 

The Hilton Garden Inn Tampa North is located at 13305 Tampa Oaks Boulevard in Temple Terrace, a suburb 10 miles northeast of Tampa.  The hotel is three miles from the University of South Florida, six miles from Busch Gardens and has visibility from Interstate 75, one of Tampa’s main arteries, which is one block away.  Completed in 2000 and renovated in 2013, the hotel features 6,458 square feet of meeting space, a fitness center, business center, outdoor pool and two dining choices, including the Great American Grill and the Pavilion Lounge.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, associate director Cyrus Vazifdar and real estate analyst Zach Nolan. 

“Tampa continues to be one of the fastest growing and most desirable hotel markets in the country, with significant institutional capital aggressively seeking opportunities,” Peek said.  “The Hilton Garden Inn generated an overwhelming amount of interest, a testament to the long term outlook of the market.”

“This acquisition further marks the extension of our growth while adhering to a disciplined strategy of acquiring well-located, under-performing assets at a discounted basis,” added Shoham Amin, managing partner of Excel Group.  “With this acquisition, our firm will have completed four acquisitions in Florida totaling $50 million in the first quarter of 2015.  We look forward to continuing this momentum throughout 2015 and expanding our partnership with HFF.”

During 2014, HFF’s Hotel Group closed more than $3.5 billion in hotel transactions across all capital markets involving more than 100 hotels and resorts.  The firm is particularly active in Tampa Bay’s coastal region, where it has recently closed transactions on hotels including the Hilton Clearwater Beach, Sandpearl, Hyatt Clearwater Beach, Sheraton Sand Key and the Residence Inn Clearwater.

About Excel Group

Excel Group is a Washington, D.C.-based private equity firm that owns and asset manages branded, select service hotels in high-growth markets across the Eastern U.S.  Focused on disciplined, cycle-appropriate hotel real estate acquisitions and asset management, the firm specializes in value-add fee simple assets, and hotel loans.  The team's in-house expertise includes investment sourcing, structured finance, asset management, capital planning, project management and complex financial and legal restructuring.  The firm leverages this fully-integrated platform to identify and execute innovative value creation opportunities and consistently deliver above industry-average returns.  For more information, please visit: www.excelgp.com

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.  HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

04/22/2015 - 17:00

Source

HFF

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