Liberty Group of Companies Acquires Two Central Florida Hotels
Tampa, FL - May 19, 2011 - Liberty Group of Companies announced today it recently acquired
two hotel assets in Central Florida, as part of its strategy to pursue real estate properties that are
undervalued but present attractive growth opportunities.
The hotels, which were originally purchased in 2007 for $6.775 million, were recently foreclosed on by the Liberty Group of Companies and will be managed by Liberty Hospitality Management, an affiliated award-winning hotel management company based in Tampa Bay, Florida. The senior debt was acquired direct from the originating lenders at a substantial discount to the outstanding principal amount.
Liberty acquired the non-performing senior mortgage secured by the 123-room Days Inn hotel in Wildwood, Florida and foreclosed on the hotel in April 2011. The hotel is located directly off I-75 in Sumter County and will continue to be operated as a Days Inn hotel.
Liberty also acquired the non-performing senior mortgage secured by the 63-room Microtel Inn & Suites hotel in Ocala, Florida and obtained certificate of title on the hotel in May 2011. The hotel is located directly off I-75 in Marion County and will continue to be operated as a Microtel Inn & Suites hotel.
"While these assets do not necessarily meet our upper-midscale hotel investment criteria, we believe that our proven track record of executing a value-add strategy through repositioning the properties will increase short-term cash flow yield and long-term overall property valuation," says Punit R. Shah, President & Chief Operating Officer of the Liberty Group of Companies.
About the Liberty Group of Companies: The Tampa-based Liberty Group of Companies, founded in 1980 by hotelier Raxit N. Shah and led by his son Punit R. Shah, has been actively pursuing hotel acquisitions throughout Florida and has invested in over $225 Million in various real estate investments throughout the United States over its 35-year history. More information on the Liberty Group of Companies can be found at http://www.LibertyG.com
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