The Candlewood Suites, strategically located adjacent to The Forum in Fort Myers, was developed in late 2008 for a reported cost of $9m. The senior lender recently foreclosed on the hotel, and Liberty acquired the hotel direct from the lender in an all-cash transaction for a substantial discount to the outstanding principal amount.
"We believe in the long-term capital value of this investment and are optimistic that its success will co-align with the continued recovery of Fort Myers and Southwest Florida. With an average occupancy of 69% last year, we have confidence in the local demand generators and are excited about the future growth of sub-market. Liberty’s ability to reposition and professionally manage this asset will further enable us to maximize operating performance and thereby add substantial value to this investment,"
“Punit and his family have a long history with IHG, being franchisees with us for the past 25 years and serving in our IHG Owners Association,”
The extended-stay hotel will be managed by Liberty Hospitality Management, an affiliated award-winning hotel management company based in Tampa Bay, Florida. Each of the hotel’s 80 guest suites and studios has been specifically designed to target extended-stay corporate transient travelers, and are fully equipped with kitchens, flat-panel TVs with DVD player, on-site convenience store, fitness center, free use of laundry machines, and outdoor gazebo with barbeque grill.
About the Liberty Group of Companies:
The Tampa-based Liberty Group of Companies, founded in 1980 by hotelier Raxit N. Shah and now led by his son Punit R. Shah, has been actively pursuing hotel acquisitions throughout Florida and has invested in over $260 Million in diverse real estate investments throughout the United States over its 35-year history, particularly in the hospitality and senior-living sectors. Liberty continues to seek opportunistic hotel acquisitions and third-party management engagements throughout the United States and welcomes inquiries from lenders, special servicers, investors, and brokers for assets meeting investment criteria found here. For more information on the Liberty Group of Companies or its investment platforms, please contact us at 727-866-7999 or visit our website at http://www.LibertyG.com
About Intercontinental Hotels Group:
Intercontinental Hotels Group is a global hotel company with more than 661,000 rooms in over 4,500 hotels in nearly 100 countries and territories around the world. IHG brands feature some of the best-known and most popular in the world covering everything from upscale luxury to family-oriented hotels including InterContinental, Crowne Plaza, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge Suites, Candlewood Suites, EVEN™ Hotels and HUALUXE™ Hotels and Resorts. For more information on IHG, please visit our website at www.IHG.com