Lone Star Funds company buys Tampa/Busch Gardens Hyatt Place

BUYER: LSREF3/AH Chicago LLC (officers: Michael Thomson, Marc Lipshy and Monica Knake), Dallas
SELLER: BRE/AmeriSuites Properties LLC
PROPERTY: 11408 N. 30th St., Tampa
PRICE: $7.04 million
PREVIOUS PRICE: $3.41 million, October 2004
LAW FIRM ON DEED: Hunton & Williams LLP, Dallas

PLANS, DESCRIPTION:
A company organized by the Dallas-based private equity firm Lone Star Funds purchased the 126-room Hyatt Place Tampa/Busch Gardens for $7.04 million.

The price equated to $55,869 per room.

Built in 1997, the 73,827-square-foot hotel is six stories tall. It features 1,200 square feet of meeting space, a fitness center and an outdoor swimming pool.

The property was one of 38 Hyatt Place and Hyatt House hotels the firm purchased from Hyatt Hotels Corp. for $590 million. The portfolio included a total of 4,950 rooms. Lone Star Funds' entity entered a franchise agreements with Hyatt to maintain the existing branding on the hotels.

The Lone Star Funds company announced plans to spend roughly $50 million on capital expenditures to the properties over the next 24 months.

Aimbridge Hospitality LLC will manage all the hotels for the buyer.

The purchase entity, LSREF3/AH Chicago LLC, mortgaged the property to JPMorgan Chase Bank National Association and GS Commercial Real Estate LP for $5.89 million.