Central Florida Hotel Trades for $7M
- Oct 05, 2018
By Laura Calugar
RivieraPoint Invest + Develop has acquired a 77-key hotel in Sebring, Fla., for $7.3 million. Liberty Group of Cos. sold La Quinta Inn & Suites in an off-market transaction. The new owner financed the acquisition using a $4.7 million loan from Wells Fargo and also raised an additional $4.9 million in capital and private equity from individual investors in Latin America and the U.S.
Located at 4115 US 27 South, the 4-acre property is one hour and 30 minutes away from Tampa, Fla. La Quinta Inn & Suites includes a swimming pool, fitness center, business center and parking. Built between 2008 and 2009, the fully operational hotel has an average occupancy of 66 percent.
The new owner intends to invest $1.8 million to reposition the property as an upper midscale hotel under the same flag. RivieraPoint plans to upgrade the rooms, lobby, gym and facade, which is projected to bring the average occupancy to 80 percent. Liberty Group will continue to manage the three-floor building, which will remain open during the repositioning process.
“The demand for well-positioned hotels in the area close to the Sebring International Raceway and many other attractions is strong,” said Rodrigo Azpurua, president & CEO of RivieraPoint, in a prepared statement.
The company is rapidly expanding its Florida portfolio. RivieraPoint is currently building a 155-key Radisson RED hotel near Miami International Airport, scheduled to open next year. Construction of the hotel has been funded, in part, from foreign private equity and EB-5 capital.
Video courtesy of RivieraPoint Development Group