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TAMPA — Liberty Group in Tampa acquired a portfolio of four hotels along Florida's east coast for $24 million.
The Carlyle Group and Blackstone, large private equity firms, previously owned the hotels, which contained a total of 317 guestrooms. The sale included a Fairfield Inn & Suites in Fort Pierce; a Hampton Inn in Daytona/Ormond Beach; and a Hampton Inn and Country Inn & Suites in Vero Beach.
Liberty Hospitality Management will manage the hotels. The company plans to make significant capital improvements to reposition the hotels, including exterior and interior renovations and operational improvements, according to a statement. The renovations are scheduled to start during the first and second quarters of 2016.
The purchase marks Liberty Group's 54th hotel acquisition since it was founded 35 years ago. In the past 18 months, Liberty Group has acquired or opened 14 hotels, which represents about $125 million in investments.
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