BUYER: Liberty Clearwater Investments LLC, Clearwater
SELLER: Sweet Hospitality LLC
PROPERTY: 1941 Edgewater Drive, Clearwater
PRICE: N/A (based on non-public debit sale)
PREVIOUS PRICE: $4.5 million, June 2005
BUYER: Liberty Plant Investments LLC, Clearwater
SELLER: 2003 South Frontage Road Holdings LLC
PROPERTY: 2003 S. Frontage Road, Plant City
PRICE: $1.5 million
PREVIOUS PRICE: $5.6 million, December 2006
LAW FIRM ON DEED: Quilling, Selander, Lownds, Winslett & Moser PC, Dallas
PLANS, DESCRIPTION: Clearwater-based Liberty Group of Cos. acquired two limited-service hotels in the Tampa Bay area.
It acquired the non-performing senior mortgage secured by the 50-room Comfort Suites hotel in Clearwater from Morgan Stanley Mortgage Capital, and entered into a stipulated foreclosure agreement with the borrower. Built in 2004, the waterfront hotel features views of Clearwater Harbor from most of the rooms. Its amenities include a fitness center and outdoor heated pool.
The company also purchased the 61-room Comfort Inn hotel in Plant City from CWCapital Asset Management LLC, a special servicer to U.S. Bank, for $1.5 million. The price equated to $24,590 per unit. Built in 2002, the hotel is located directly off Interstate 4 between Tampa and Orlando. The property features meeting and banquet rooms, a fitness center, business center and outdoor heated pool.
“These were certainly underperforming and had been mismanaged,” says Punit Shah, president and chief operating officer of the Liberty Group of Cos. “We were able to buy them far below replacement cost. We feel there's tremendous upside through capital expenditures and professional management. There are also rebranding opportunities for both of them.”
Liberty Hospitality Management will manage the hotels.
Since 2010, Liberty Group of Cos. has acquired and invested in 16 hotels throughout the United States.