Plasencia Advises Premier on Acquisition of Cabot Lodge
TAMPA, FL, November 13, 2007. The Plasencia Group was retained by Premier Hotel Corporation to serve as its advisor in the recent purchase of the Cabot Lodge Gainesville (FL). The seller was MMI Management of Flowood, MS, whose affiliate -- MMI Hotel Group -- established the Cabot Lodge brand in 1984. Terms of the transaction, which closed on October 29, were not disclosed.
The Cabot Lodge will undergo a multi-million dollar renovation and will continue to be identified as the Cabot Lodge. The 208-room property is located on the pin corner of Archer Road at the intersection of Interstate-75, generally considered one of the best pieces of real estate in Gainesville. Adding to the market's overall appeal, the city was rated #1 out of 400 metropolitan areas in the U.S. and Canada by Frommer's Cities: Ranked and Rated, Second Edition (2007).
"The Cabot Lodge has a strong following in Gainesville due to MMI's history of taking care of its guests and being an involved member of the Gainesville community," explained Robert O'Leary, vice president with The Plasencia Group's Southeast Regional office. "Premier will continue that legacy. Premier has a lodging philosophy of maximizing guest satisfaction and creating exceptional guest experiences."
This most recent acquisition by Premier is consistent with the company's aggressive growth strategy -- securing well-positioned assets for which they are able to generate value-added upside. This is the third hotel in Florida that Premier has added to their portfolio in the past three months. In addition to the Cabot acquisition, Premier opened a new Comfort Suites in Jacksonville (FL) and a boutique hotel , Treasure Bay Hotel and Marina, in Treasure Island on Florida's west central coast.
O'Leary, vice president of The Plasencia Group's Sun Hospitality Advisors division, served as the principal advisor to Premier on the transaction.
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