Strategically Located Hampton Inn and Hilton Garden Inn in Sarasota, Florida
SARASOTA, FL – December 30, 2013 — Excel Group announced today that the firm has acquired the 121-room Hampton Inn for $9 million, the 115-room Hilton Garden Inn $11 million, along with an empty land parcel, for a total of $20 million for the portfolio. The land parcel had been previously valued at $1.4 million.
Both institutional quality, strategically-located assets are in good physical condition and of high quality construction. Both hotels have recently completed lobby renovations.
The properties are strategically located in the highly desirable Sarasota market, which continues to experience tremendous market growth. Known as Florida’s “Cultural Coast,” Sarasota provides the quintessential, laid- back beach getaway with numerous sprawling, white-sand beaches, including Siesta Key Beach, named “America’s Best Beach” in 2011 by Dr. Beach. In addition, visitors are just minutes from cultural amenities that rival major metropolitan centers including attractions ranging from the Ringling Museum of Art and the Van Wezel Performing Arts Center to Mote Aquarium and Marie Selby Botanical Gardens.
Both assets have strengthening RevPAR fundamentals with year-end 2012 RevPAR growth of 15.8% and 10.1%. There is strong in-place cash flow with NOI upside.
Excel Group acquired the portfolio with exceptional upside potential at a significant discount to replacement cost. The firm has a planned $3.5 milllion renovation to further increase performance and market share.