Looking to Expand, MIG Real Estate Buys Hilton Garden Inn
- Apr 25, 2013
By Georgiana Mihaila, Associate Editor
MIG Real Estate closed on its fourth Florida hotel, adding the Hilton Garden Inn Tampa East/Brandon to its 11-property hotel portfolio.
The Newport Beach, Calif.-based firm is currently pursuing an aggressive expansion strategy, seeking core-plus, value-add and opportunistic investments in select-service hotels, grocery-anchored shopping centers, and office, industrial and multi-family properties.
“We are pleased to add the first Hilton Garden Inn to our hotel portfolio, furthering our relationship with the Hilton family of brands,” said Greg Merage, CEO of MIG Real Estate. “This is a very high-quality product featuring an outstanding location in a mature business park with direct accessibility to other nearby East Tampa employers, amenities and attractions.”
Built in 2002, the Hilton Garden Inn sits on a 3.53-acre property at 10309 Highland Manor Drive and consists of 152 guestrooms. The property features approximately 4,500-square feet of flexible indoor and outdoor meeting space, outdoor swimming pool, exercise room, business center, restaurant and guest laundry.
The location places the Hilton Garden Inn within the Highland Oaks business park, adjacent to an Interstate 75 off-ramp and approximately 18 miles east of the Tampa International Airport. Nearby attractions include Florida State Fairgrounds, 1-800-Ask Gary Amphitheatre, the Bob Thomas Equestrian Center and the Seminole Hard Rock Hotel & Casino, all within three miles of the hotel.
Hodges Ward Elliot represented the seller in the transaction and MIG Real Estate represented itself. The property is being operated by Raleigh-based Concord Hospitality Enterprises. The financial details of the transaction have been disclosed.