Tuesday February 11th, 2014 - 10:42AM
TAMPA, FL—Liberty Group has announced the final closing of its first private equity real estate fund dedicated to the acquisition of upper mid-scale hotels.
Liberty Hospitality Fund I, LLC was fully capitalized in February 2014, and will deploy $75,000,000 in total capital towards hotel acquisitions over the next three years.
Liberty Group's most recent acquisition of the Holiday Inn Express & Suites in Bonita Springs, FL represents its 24th acquisition since 2010, and its second investment through Liberty Hospitality Fund I.
Liberty acquired the 108-room hotel in February 2014 through an off-market transaction directly with the seller for significantly less than replacement cost and intends to invest in renovations to reposition the asset in mid 2014.
"Access to capital has provided us a distinct advantage in acquiring hotels since we can offer a quick and certain close, something that few buyers can match," stated Punit Shah, president & COO of the Liberty Group. "Liberty Hospitality Fund I allows us to continue expanding our hotel portfolio and creating operational efficiencies that add value to each of our investments.”