Holliday Fenoglio Fowler, L.P. (HFF) announces the sale, acquisition financing and joint venture equity placement for the Holiday Inn Express & Suites Tampa-USF-Busch Gardens, a 123-room select-service hotel in Tampa, Florida.
The HFF team marketed the property on behalf of the seller, Waramaug Hospitality. TCOR Hotel Partners (TCOR) purchased the asset free and clear of existing debt. Additionally, the HFF team worked on behalf of the new owner to arrange a joint venture equity partnership with TriGate Capital, LLC, in addition to a five-year, fixed-rate acquisition loan with a local bank. HFF brokered the sale of this hotel to the seller in 2015.
Completed in 2008, the all-suite, non-smoking hotel was designed as a Florida Green Lodging choice and has a silver designation. Holiday Inn Express & Suites Tampa-USF-Busch Gardens features a heated outdoor pool, fitness center, business center, complimentary breakfast and internet service and 725 square feet of meeting space. Located at 2807 East Busch Boulevard, the four-story hotel is just off Interstate 275, adjacent to Busch Gardens and about five miles from downtown Tampa. Additionally, the hotel is proximate to other area demand drivers, including Adventure Island, University of South Florida, Florida Hospital Tampa, Shriners Hospital for Children, Moffitt Cancer Center and James Haley Veterans Hospital.
The HFF investment advisory, equity and debt placement teams included senior managing director Michael Weinberg, managing director Rebecca VanReken, senior director Pete Fehlman and director Preston Reid.
About Waramaug Hospitality
Waramaug Hospitality is a privately held investment group focused on acquiring legacy branded assets throughout the United States. Waramaug utilizes its wealth of resources to create a track record in successfully rebranding, repositioning and renovating assets to reach their full potential and become market leaders. The company’s portfolio includes flagged and independent full service hotels and resorts, as well as select service hotels under premium brands. For more information, visit www.waramaughospitality.com.
About TCOR Hotel Partners
TCOR is a hotel acquisition platform designed to drive value and create superior returns to its investors. The focus of TCOR is on opportunities that provide immediate yield at deal execution, upside operational/management reposition, value to replacement cost and post-acquisition capital improvements and repositioning opportunities for yield benefit. TCOR will focus primarily on the branded, premium select service and extended-stay segments of the hotel space in primary and secondary markets which demonstrate positive demand factors.
About TriGate Capital, LLC
TriGate Capital, LLC is a market leading real estate private equity firm focused on recapitalizing and repositioning real estate assets and companies. TriGate: i) acquires real estate assets that are in need of capital or management focus; ii) provides capital for the recapitalization of commercial real estate assets and companies; iii) acquires non-performing commercial real estate loans; and iv) capitalizes platforms with quality operators that are focused on a specific investment strategy. TriGate has purchased over 13 million square feet of properties and has approximately $1.3 billion of capital under management. The firm manages three fully discretionary real estate funds; Funds I and II are fully invested and Fund III is presently in its investment period with a significant amount of capital available for new investment.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
