Investment partnership buys Hilton Garden Inn

BUYER: W/E Temple Terrace LLC (manager: Marc Porosoff and Jordan Socaransky), Wilton, Conn.
SELLER: JPMCC 2006-LDP9 Temple Terrace LLC
PROPERTY: 13305 Tampa Oaks Blvd., Temple Terrace
PRICE: $11.15 million
PREVIOUS PRICE: $14.7 million, October 2006
LAW FIRM ON DEED: Kilpatrick Townsend & Stockton LLP, Atlanta

PLANS, DESCRIPTION:
Washington, D.C.-based private equity firm Excel Group and Wilton, Conn., investment-management company Westport Capital Partners LLC purchased the 148-room Hilton Garden Inn Tampa North for $11.15 million.

The price equated to $75,338 per unit.

Located near Interstate 75 and three miles east of the University of South Florida campus, the six-story limited-service hotel features 6,458 square feet of meeting space, a fitness center, business center, outdoor swimming pool, the Great American Grill and the Pavilion Lounge. The 84,826-square-foot hotel was built in 2000 on a 2.96-acre parcel and renovated in 2013.

Excel Group owns and manages branded, select service hotels in high-growth markets across the eastern United States. Westport Capital Partners has a variety of funds that invest in distressed and opportunistic real estate.

The same partnership recently purchased the 110-room Hampton Inn & Suites Tampa Northwest Oldsmar for $13.7 million and the 83-room Hilton Garden Inn Tampa Northwest/Oldsmar for $8.6 million.

“With this acquisition, our firm will have completed four acquisitions in Florida totaling $50 million in the first quarter of 2015,” Shoham Amin, managing partner of Excel Group, says in a press release.

Dan Peek, Cyrus Vazifdar and Zach Nolan led the Holliday Fenoglio Fowler LP team that represented the seller.