News for the Hospitality Executive
MIG Real Estate Enters Florida with
Acquisition of Three Hotels
Newport Beach, CA and Tampa Bay, FL – September 12, 2012 – MIG Real Estate, LLC, a California-based real estate investment company, has acquired three hotels in the Tampa Bay Market: the Courtyard and Residence Inn in Oldsmar, Florida, and Residence Inn in Lutz, Florida. These acquisitions are the company’s first in Florida and increase its overall hotel portfolio to 8 properties.
“Because of corporate and leisure demand generators, Tampa Bay is a popular destination year-round,” said Greg Merage, CEO of MIG Real Estate. “We found these hotels appealing because of their accessible locations, ability to compete effectively within their submarkets, and surrounding businesses and attractions.”
Located at 4014 Tampa Road, the Courtyard in Oldsmar was built in 2003 and contains 99 guestrooms. The property features 2,000 square feet of meeting space and is 15 miles from downtown Tampa Bay. MIG will complete a comprehensive renovation to the lobby, guestrooms, and other public spaces over the next year.
The Residence Inn, located adjacently at 4012 Tampa Road, was built in 2005 and contains 78 guestrooms. The hotel is located 12 miles from Tampa Bay International Airport and 15 miles from downtown Tampa Bay. The lobby and public spaces of this property will also be updated by MIG over the next year.
Located at 2101 Northpointe Parkway, the Residence Inn in Lutz was built in 2008 and contains 100 guestrooms. The hotel is a “Generation 8” Residence Inn and the layout, design and construction significantly exceed all prior “generations” of Residence Inn hotels. The property is situated in the northern portion of the Tampa Bay metro area, approximately 15 miles from Tampa Bay International Airport. It draws extended stay guests from a wide array of business employers in Tampa Bay’s northern suburbs. Nearby amenities include the Shops at Wiregrass, Pasco County’s newest shopping destination encompassing 800,000 square feet of retail, restaurants and entertainment.
The NFL’s Tampa Bay Buccaneer’s, NHL’s Tampa Bay Lightning, and MLB’s Tampa Bay Rays call the city home, while several other MLB teams conduct their spring training in the area. Popular tourist attractions include Busch Gardens, Adventure Island, Ybor City, Lowry Park Zoo, and the Florida Aquarium.
Several Fortune 1000 companies are headquartered in Tampa Bay, including OSI Restaurant Partners, Well Care Health Plans, Inc., TECO Energy, and Raymond James Financial. MacDill Air Force Base is also a major employer for over 15,000 active uniformed military personnel. Additionally, downtown Tampa Bay is undergoing significant development and redevelopment in line with a general national trend toward urban residential development.
All three properties will be operated by Concord Hospitality Enterprises.
Ron Danko, Robert Taylor, and Zoe Martineau of CBRE represented the seller in the transaction and MIG Real Estate represented itself.
MIG Real Estate has continued to expand since 2009. Its strategic plan focuses on properties generally with a “value-add” component. The company has completed more than $650 million in acquisitions in the past three years through direct acquisitions of office, retail, hotel, and multi-family properties in major markets throughout the western and Sunbelt states.
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 in multiple markets in California and Texas. The company is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired nearly 5 million square feet totaling more than $650 million of assets since April 2009.
Additional information is available at http://www.migcap.com/RealEstate/.
959 South Coast Drive
Costa Mesa, CA 92626
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