Liberty Group Acquires Holiday Inn Express in Jacksonville, Florida
October 24, 2012 - Liberty Group is pleased to announce that it has acquired the Holiday Inn Express & Suites by IHG in Jacksonville, Florida.
Built in 2004, the hotel is strategically located on the St. Johns River, minutes from the Jacksonville Airport and adjacent to the Jaxport Carnival Cruise Ship Terminal on Blount Island.
"This hotel perfectly compliments our growing portfolio and investment strategy of acquiring under-valued top-tier assets. The Jacksonville market has shown significant resilience and we anticipate creating tremendous value through our great relationship with Intercontinental Hotels, and increasing Net Operating Income through capital improvements and operational efficiencies," said Punit R. Shah, President & Chief Operating Officer of the Liberty Group.
The hotel features 73 guestrooms including 17 suites, an outdoor pool, fitness center, 2,000sf meeting room, and atrium-style great room. Located amongst numerous demand generators, the award-winning hotel is preferred by corporate and leisure travelers alike.
The Hotel was most recently sold in 2006 for $6.5m. Liberty acquired the non-performing senior mortgage in 2011 and recently prevailed in Federal Court after a contentious bankruptcy and foreclosure case. The hotel was purchased in a Joint-Venture partnership with Debartolo Development and will be managed by Liberty Hospitality Management, an affiliated-entity of the Liberty Group.
About the Liberty Group
Established over three decades ago by Raxit N. Shah and now led by his son Punit R. Shah, the Liberty Group is a full-service, vertically integrated hotel investment, development, and management company that prides itself on its proven entrepreneurial and strategic approach to complex investment placement. We target our investments to maximize asset performance through clear and concise investment goals.
Our proactive, integrated approach of continually assessing each investment with regard to its performance, market position, current value, and capital structure allows us to monitor the market and optimize returns.
With over $265,000,000 invested across various asset classes. the Liberty Group demonstrates a proven track record behind successful real estate investment and management.
Liberty Group continues to seek management engagements, opportunistic hotel acquisitions, and senior mortgage positions meeting our investment criteria. For more information on the Liberty Group or its platforms, please contact us at 727-866-7999 or visit our website at LibertyG.com.
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