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BUYER: Liberty Coral Investments LLC (principal: Punit Shah), Clearwater
SELLER: PWR16-619 S.E. 47th Terrace LLC
PROPERTY: 619 S.E. 47th Terrace, Cape Coral
PRICE: $3.2 million
PREVIOUS PRICE: $914,800, February 2004
LAW FIRM ON DEED: Gump Strauss Hauer & Feld LLP, Dallas
PLANS, DESCRIPTION: Clearwater-based Liberty Group purchased the 75-room Hampton Inn & Suites - Cape Coral/Fort Myers Area for $3.2 million.
The price equated to $42,667 per unit.
The property features an outdoor pool, fitness center, 2,000-square-foot meeting room and an atrium-style great room.
Built in 2005 for a reported $7.5 million, the hotel was foreclosed upon by Bank of America NA SMB LaSalle Bank NA and transferred to the current seller PWR16-619 S.E. 47th Terrace LLC in May 2011.
Liberty Group says it will be making significant renovations and enhancements to the hotel later this year. Liberty Hospitality Management, an affiliated-entity of the Liberty Group, will manage it.
“The Hampton Inn & Suites in Cape Coral adheres to our investment strategy of acquiring under-valued top-tier assets,” Punit Shah, president and chief operating officer of the Liberty Group, says in a press release. “The Southwest Florida market continues to demonstrate significant resurgence and economic recovery, and we anticipate creating tremendous value through our great relationship with Hilton Hotels, and increasing net operating income through capital improvements and operational efficiencies.”
Shah says the hotel's prior owner had higher expenses, which reduced its ability to run the hotel profitably.
The purchase entity Liberty Coral Investments LLC mortgaged the property to Ohio National Life Insurance Co. for $2.52 million.
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