Newport Beach, CA and Tampa Bay, FL ? April 10, 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.
[quote]?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.?[/quote]
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.
[box type=”tick”]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.[/box]