Tampa-based Liberty Group has acquired a 317-room four hotel portfolio along Florida’s east coast for $24 million. The sale included a Fairfield Inn & Suites in Fort Pierce; a Hampton Inn in Daytona/Ormond Beach; and a Hampton Inn and Country Inn & Suites in Vero Beach. Beginning in the first half of 2016, the company plans to make significant capital improvements to reposition the hotels, including exterior and interior renovations and operational improvements. Liberty Group has acquired and opened 14 hotels over the course of the last 18 months representing approximately $125 million in investments.
“The upper select-service segment of the hospitality industry continues to outperform other real estate investment sectors, and we are pleased with this accretive transaction acquiring premium-branded hotels while adhering to our disciplined investment strategy,” said Liberty CEO Punit Shah.
