VIRGINIA BEACH, VA—Tampa, FL-based Liberty Group acquired the first hotel through its most recent private-equity real estate investment vehicle, Liberty Hospitality Fund II LP.
Liberty Group purchased the 120-room Hampton Inn by Hilton in Norfolk-Virginia Beach, VA, marking Liberty Group’s 55th hotel acquisition since its founding. The hotel will be managed by Liberty Hospitality Management and undergo significant capital improvements as part of the investment strategy.
Launched in January 2017, Liberty Hospitality Fund II LP closed on May 1, 2017, with $56.3 million in accepted equity commitments representing more than $165 million in leveraged capital to be invested in the select-service and extended-stay hospitality sector throughout the United States over the next three years.
Since 2010, Liberty Group has acquired 38 hotels throughout the United States through programmatic and fund investment vehicles, including Liberty Hospitality Fund I LLC, which closed in 2014 and has been fully invested across approximately $65 million in Marriott, Intercontinental, and Wyndham-branded hotel investments.