HFF announces sale, financing and equity placement for Tampa, FL hotel

Holiday Inn Express & Suites Tampa-USF-Busch Gardens

ORLANDO, FL –– 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.

Michael Weinberg

 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.
 

Rebecca VanReken

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. 

Pete Fehlman

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, visitwww.waramaughospitality.com.

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. 

Preston Reid

 TriGate Capital, LLC (“TriGate”) 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. 

CONTACTS:     

     

MICHAEL WEINBERG

FL Lic. # SL3133790

HFF Senior Managing Director

(407) 745-3900

mweinberg@hfflp.com

REBECCA VANREKEN

HFF Managing Director    

(407) 745-3900

rvanreken@hfflp.com

PETE FEHLMAN

HFF Senior Director

(214) 265-0880

pfehlman@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com