News for the Hospitality Executive
DALLAS (January 29, 2013) – Executives of La Quinta Inns & Suites, TerraCap Partners, and local officials gathered today to celebrate the opening of the newly renovated La Quinta Inn & Suites Bonita Springs / Naples North, at 28600 Trails Edge Boulevard in Bonita Springs, Florida. The 87-room property is nestled near the intersection of US 41, Tamiami Trail, and Bonita Beach Road. It is located minutes away from the beautiful Gulf of Mexico beaches, several high-end shopping centers, golf courses, state parks and Sanibel and Captiva Islands.
Rajiv Trivedi, La Quinta’s Executive Vice President and Chief Development Officer said, “We are delighted to welcome the La Quinta Inn & Suites Bonita Springs / Naples North to the La Quinta family.” Trivedi concluded, “As La Quinta continues to solidify its position as the premier brand in select service in the hotel industry, this property exemplifies the high level of excellence that will be apparent to every guest that visits the Bonita Spring market.”
Based in Naples, Florida, TerraCap Partners purchased the property in 2012, and invested in its renovation, including extensive work to the property’s guest rooms, public spaces and exterior. The hotel features a waterfront outdoor heated pool, fitness center, 24-hour business center, meeting facilities, free wireless high-speed Internet access, and special amenities -- such as a sundry shop-newsstand, and guest laundry facilities.
“We are delighted to officially open this property as a La Quinta Inn & Suites,” said Robert Gray, Managing Principal at TerraCap Partners. He concluded, “We are proud to join with Bonita Springs Mayor Ben Nelson, members of our Chamber of Commerce, and of course by La Quinta representatives, as we cut the ribbon to officially open our doors.”
The newly renovated hotel opened for business as the La Quinta Inn & Suites Bonita Springs / Naples North North on December 20, 2012. It is located minutes from the beach, at 28600 Trails Edge Boulevard, Bonita Springs, Florida. For reservations, please call 1-239-495-9255, or visit www.lq.com.
About La Quinta
LQ Management L.L.C. is one of the largest operators of limited-service hotels in the United States. Based in Dallas, Texas, the Company operates and provides franchise services to more than 830 hotels in 46 states, Canada and Mexico under the La Quinta Inn® and La Quinta Inn & Suites® brands. For reservations or more information about La Quinta, please visit www.LQ.com or call 1-800-SLEEPLQ. Follow La Quinta Inns & Suites on Twitter at http://twitter.com/LQ or become a Facebook fan at http://www.facebook.com/laquinta
About Terra Cap Partners
Based in Naples, Fla., TerraCap Partners was founded in 2008 by W. Stephen Hagenbuckle to take advantage of the distressed real estate markets in Florida. The firm's first fund, TerraCap Fund I, closed in December 2010 and has executed 15 deep value land investments in high growth markets in southwestern Florida. The firm is currently raising its second fund with an initial target of $200 million. TerraCap Fund II is focused more broadly on southeastern U.S. and mainstream commercial properties. Commercial real estate veteran Robert Gray joined the firm in 2011 as co-managing principal, bringing his experience from a career at JPMorgan, Morgan Stanley and Cantor Fitzgerald.
The firm takes a thematic approach to its investment activities with an emphasis on understanding real estate and migratory trends, banking regulatory pressures, and general market inefficiencies to acquire real estate assets that are mispriced, overlooked or undervalued. It pursues quality properties with distressed financial situations, as well as distressed commercial mortgages if it can assume control of the collateral. TerraCap's prides itself on being able to close transactions quickly with all cash. TerraCap Partners II LP has bought nine properties with the initial equity. The firm targets off-market deals, typically investing $2 million to $20 million of equity at a time. TerraCap buys where population is growing rapidly but future supply is severely constrained and where prices are about a third to half of replacement cost.
For more information please visit www.TerraCapMgmt.com.