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BRADENTON — Liberty Bradenton Investments LLC has negotiated a deal to acquire the non-performing senior mortgage of a local Holiday Inn Express and enter a foreclosure agreement with the borrower, says a press release.
Tampa-based Liberty Group of Companies, the parent company of Liberty Bradenton, says in the release that the acquisition is consistent with its strategy of targeting undervalued properties for long-term investments. The firm has put the model to work recently by purchasing properties around the state.
Renovations are planned to start immediately at the location, which is adjacent to Interstate Highway 75 on State Road 64.
“Liberty's ability to physically enhance, reposition, and professionally manage this asset will enable us to maximize operating performance and add substantial value to this investment,” says Punit R. Shaw, the president and CEO of Liberty Group of Companies.
The Liberty Group of Companies has invested more than $250 million in real estate investments since its founding in 1980. Liberty, which specializes in hotel management, owns and manages hotels and assisted-living facilities throughout the U.S.
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