TAMPA — Liberty Group has completed its purchase of the 75-unit Hampton Inn & Suites by Hilton in Seffner. It purchased the property from the lender for $4.25 million.
Built in 2005, the hotel is located at 11740 Tampa Gateway Blvd., in Seffner. It is on Interstate 4, adjacent to the Hard Rock Hotel & Casino and the Florida State Fairgrounds & Ampitheatre.
The hotel previously sold for $8.5 million in 2008, before being foreclosed upon in 2011.
“This was a property that had been mismanaged for the past several years,” says Punit Shah, president and chief operating officer of the Liberty Group. “When the receiver took over in September of 2011, they did a fantastic job of bring it back to where it should be. The physical condition of the hotel is phenomenal. Even so we plan to invest a significant amount in renovations.”
Shah says the firm wanted to buy the property as quickly as possible to benefit from the impact of the Republican National Convention. Ultimate, it closed in 30 days.
“We are sold out the entire month of August,” Shaw says. “The day we closed we already knew what our plan is to move forward [on improvements].”
Atlanta-based Jones Lang LaSalle Hotels brokered the transaction between Liberty Group and CIII Asset Management.
Liberty Group, based in Clearwater, specializes in buying and operating hotel properties.