MIG Real Estate Acquires 152-room Hilton Garden Inn Tampa East/Brandon in Florida
Newport Beach, CA / Tampa Bay, FL - April 11, 2013 - MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, has acquired the Hilton Garden Inn Tampa East/Brandon. The purchase marks the company's fourth hotel acquisition in Florida and increases its overall hotel portfolio to 11 properties.
“We are pleased to add the first Hilton Garden Inn to our hotel portfolio, furthering our relationship with the Hilton family of brands,” said Greg Merage , CEO of MIG Real Estate. “This is a very high-quality product featuring an outstanding location in a mature business park with direct accessibility to other nearby East Tampa employers, amenities and attractions.”
Located at 10309 Highland Manor Drive, the Hilton Garden Inn was built in 2002 and contains 152 guestrooms situated on 3.53 acres of land. The property features approximately 4,500-square feet of flexible indoor and outdoor meeting space, outdoor swimming pool, exercise room, business center, restaurant and guest laundry. Each well-appointed guest room include 37-inch flat-screen televisions, refrigerator, microwave, coffee maker, complimentary high-speed internet access with remote printing capability and a large work desk with adjustable lighting and an ergonomic chair.
The property is situated in the Highland Oaks business park, adjacent to an Interstate 75 off-ramp and approximately 18 miles east of the Tampa International Airport. Nearby attractions include Florida State Fairgrounds, 1-800-Ask Gary Amphitheatre, the Bob Thomas Equestrian Center and the Seminole Hard Rock Hotel & Casino; all are situated within 3 miles of the hotel.
Hodges Ward Elliot represented the seller in the transaction and MIG Real Estate represented itself. The property is being operated by Raleigh-based Concord Hospitality Enterprises.
MIG Real Estate's strategic acquisition plan for hotel properties focuses on select-service product with a value-add component. Since 2009, the Company has completed more than $137 million in direct hotel acquisitions comprised of 11 properties and more than 1,350 guestrooms, primarily in major markets in the Western U.S. and Sun Belt.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in Phoenix; Las Vegas; Denver; Seattle; Tampa; Hawaii; Edmonton; Jackson, WY; and multiple markets in California and Texas. The Company is currently engaged in an aggressive expansion strategy, seeking “core-plus,” “value add” and “opportunistic” investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over five million square feet of property, totaling more than $750 million of assets since April 2009.
Additional information is available at http://www.migcap.com/RealEstate/.
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