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Tampa-based Liberty Group has acquired the former Holiday Inn Tallahassee Capitol Center hotel and Applebee's Bar & Grill restaurant. The 148-room, full-service hotel is located near the Florida State Capitol and Florida State University, and has been rebranded as the Ramada Plaza Tallahassee Capitol Hill hotel.
The Ramada Plaza Hotel is Liberty Group's 25th acquisition since 2010. The new ownership plans significant capital improvements as part of the repositioning and investment strategy. The Ramada Plaza is one of only 20 “Plaza” properties throughout the United States, and competes directly with Hampton Inn, Holiday Inn Express, and Fairfield Inn hotels.
Formerly known as the Sheraton and rebranded as the Holiday Inn in 2007, the lender obtained title to the asset through a deed in lieu of foreclosure in 2011. Liberty Group acquired the hotel directly from the special servicer at what it says was an 80% discount to replacement cost.
The 77,500-square-foot interior-corridor hotel, across from Governor's Square Mall, will continue to feature the Applebee's Bar & Grill restaurant.
Renovations are scheduled for completion by the third quarter.
Punit Shah, president and chief operating officer of the Liberty Group, says the demographic was ideal. “The acquisition adheres to our disciplined strategy of purchasing well located, under-performing hotel properties at a significant discounted basis,” Shah says in a press release.
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