HFF closes $12.1 million sale of The Lodge at Gainesville in central Florida
ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $12.1 million sale of The Lodge at Gainesville, a 208-room, select-service, independent hotel near the University of Florida in Gainesville.
HFF marketed the property on behalf of the seller. CrossHarbor Capital Partners LLC purchased the offering free and clear of debt. GF Management will continue to manage the hotel.
Known for its nightly two-hour cocktail reception in its atrium, The Lodge at Gainesville caters to both business and leisure travelers. In 2014, the hotel received TripAdvisor’s Certificate of Excellence Award given to establishments that received outstanding traveler reviews on TripAdvisor, one of the world’s largest travel sites. Formerly branded as a Cabot Lodge, the three-story hotel features a fitness center, business center, 810 square feet of meeting space with audio and visual equipment, outdoor swimming pool and hot tub, barbeque grills and a complimentary continental breakfast buffet. Located at 3726 SW 40th Boulevard just off Interstate 75 in the heart of Gainesville’s largest retail corridor, the hotel provides guests access to the University of Florida, which is two miles east of the hotel; Shands Hospital and two new retail developments, Celebration Pointe and Butler Plaza North/Butler Plaza Towne Center, both within one mile of the hotel.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, director Michael Weinberg and real estate analysts Anthony Frogameni and Preston Reid.
”This asset had what many buyers are looking for from an investment profile perspective, considering it was a lender-owned asset, in a strong location and had brand-conversion potential,” Weinberg said. “The sales process became extremely competitive prior to buyer selection. Both buyer and seller were very professional and great to work with.”
“The Lodge represents a great opportunity for value-add hotel investors in the Gainesville market, one of the strongest university-centered markets in the U.S.,” Peek added. “Investors were clearly attracted to the investment given the variety of execution alternatives and the underlying quality of the location.”
HFF’s Hotel Group has had particular success in closing hotel transactions in Florida including the recent sales of the Waldorf Astoria Naples (now Naples Grande Resort) and the Hilton Clearwater Beach Resort. The firm also closed the sale of the La Playa Beach Resort in May.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in core-plus, value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor emphasizes investment strategies rooted in property-level operational enhancements as well as those with pricing advantages that arise from distressed, complex, and dislocated scenarios. CrossHarbor was founded in 1993 by Samuel T. Byrne and William H. Kremer and has invested in more than $12 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices and sovereign entities. For more information, visit www.crossharborcapital.com.
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.